Arthur Rudnick
Guru
- 1,652
I just attended a webinar, put on by a major carrier who has been in the business for over 30 years.
The webinar was about this carrier's claims statistics.
Here's some interesting numbers:
Youngest claimant: 27 years old
Oldest claimant: 103 years old
Longest claim: 19.6 years
Most expensive claim (still ongoing): $1,300,000
71% of all claimants are females
29% of all claimants are male
51% went on claim due to dementia & cognitive issues
15% of all claims lasted more than 5 years
Average length of claims, if on claim more than 1 year: 3.9 years
71% of claims started with home care
13% of claims started with ALFs
16% of claims started with nursing homes
50% of claims lastest less than 1 year (conversely, 50% lastest more than 1 year)
The reason claims closed:
61% death
28% Recovery
11% exhausted benefits
Average age of claimant: 79
Who goes on claim?
38% Single women
28% Married Women
10% Single men
24% Married men
The only number that surprised me was that only 10% of all claimants were single men
The webinar was about this carrier's claims statistics.
Here's some interesting numbers:
Youngest claimant: 27 years old
Oldest claimant: 103 years old
Longest claim: 19.6 years
Most expensive claim (still ongoing): $1,300,000
71% of all claimants are females
29% of all claimants are male
51% went on claim due to dementia & cognitive issues
15% of all claims lasted more than 5 years
Average length of claims, if on claim more than 1 year: 3.9 years
71% of claims started with home care
13% of claims started with ALFs
16% of claims started with nursing homes
50% of claims lastest less than 1 year (conversely, 50% lastest more than 1 year)
The reason claims closed:
61% death
28% Recovery
11% exhausted benefits
Average age of claimant: 79
Who goes on claim?
38% Single women
28% Married Women
10% Single men
24% Married men
The only number that surprised me was that only 10% of all claimants were single men
