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Use Special Dynamics To Get Valuable Leads


A recently held study has thrown lights on key data that help to look for audience who buy long term care coverage.

Some differences exist between when it comes to buying for group coverage (employer sponsored) and those bought through an insurance agent. It is found that people purchasing through employer sponsored long term care insurance are mostly of younger age and often go for longer coverage. These people claim against their policies that start at a young age.

The study was held from among ninety five thousand employer sponsored purchasers of long term care insurance and also over 2,00,000 individual buyers. The study also found that around 8.2 million Americans have LTC insurance while new policies or group certificates to the tune of 400,000 are annually given out.

It is noted that young individuals regularly buy employer sponsored coverage. Agents should note that in 2008, the percentage of employer sponsored buyers of long term care insurance was 24% and were in the age group of 55-64 age bracket. The group market buyers were mostly filled by younger people than those going for individual coverage purchases.

The study found that 5% of individual purchases were in between 35 and 44 years of age, and those between 45 and 54 age bracket were 24% whereas in the 55 to 64 range it was 53%.

The study also found that a misconception exists that long term care insurance coverage is expensive. There exists a wide gap between the low and the high amounts that an employee pays. Individuals between 45 and 55 years pay a low premium of $340 every year whereas the high premium was $985. The average for this age group was $690.

In the case of claims that are paid to employees who are protected under employer sponsored LTC insurance, the study found that the percentage of new claims made in the last year was 13 percent and the individuals were below 60 years of age. It is found that those who file their claim during the fourth or fifth year was 11.5 percent.

Agents need to know figures and how it would impact their potential sales when they ask for long term care insurance leads.

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