Unum's 4th Annual Landscape of LTC Reveals Sales Facts and Trends
CHATTANOOGA, Tenn.--(Business Wire)--
In a climate of falling home values and shrinking savings accounts, employers
and employees are looking for ways to plan for and protect their financial
futures. And long term care coverage can play an important role in that
planning.
This month, in observance of Long Term Care Awareness Month, Unum (NYSE: UNM)
will share the claims and sales trends about group long term care coverage.
Understanding claims and sales trends and the details of how long term care
coverage works can help employers and employees make the decisions that can
protect the resources they have worked so hard to build.
"A long term care insurance policy can be an important part of financial and
retirement plans," said John Noble, director of long term care products for
Unum. "Our data shows that the need for long term care does occur in the younger
market, and that policies with the home care option are popular."
This marks the fourth year Unum, the leader in the group long term care market,
is providing an annual review of the sales and claims trends the company tracks
to better understand the needs of customers.
Analysis of group long term care sales data reveals:
* Ninety-nine percent of individuals who acquired a long term care policy in
2008 purchased some type of home care.
* Women represent 52 percent of the purchasing population.
* The average age of someone purchasing group long term care insurance is 43.
* The top five industries purchasing group long term care insurance are law
firms, physicians, insurance brokerages, management consulting services and
financial services.
* The top five states where long term care insurance is purchased are
California, Wisconsin, Illinois, New York and Missouri.
Employer-funded policies also maintain their popularity. Last year, 85 percent
of new group long term care cases were employer-funded.
"Although no one wants to think about it, the need for long term care must be
considered," said Noble. "Fortunately, employers are providing this benefit and
making it easier for employees of all ages to be covered."
The majority of those employers, 53 percent, have 250 employees or fewer,
continuing the trend of small to mid-size businesses willing to offer this
benefit.
Unum holds 77 percent of the group long term care market and has ranked No. 1 in
the industry in terms of inforce cases and insured individuals for the past four
years according to LIMRA.
In 2008, Unum covered more than 715,000 people under its long term care
policies.
Unless referenced otherwise, the statistics included in this news release are
based on Unum internal data as of 2008.
About Unum
Unum (www.unum.com) is one of the leading providers of employee benefits
products and services in the United States and the United Kingdom. Through its
subsidiaries, Unum provided nearly $6 billion in total benefits to customers in
2008.
Unum
Amanda Carmichael, 423-294-7839
acarmichael@unum.com
Copyright Business Wire 2009
