Just 4% are getting help with
long-term care planning from an insurance agent.
Insurers may be retreating from the U.S.
private long-term care insurance (LTCI) market, but more older Americans are
hoping LTCI will help them cover long-term care costs.
The percentage of older, middle-income
Americans who expect to use LTCI coverage to pay for long-term care has
increased to 17% this year, from 13%, according to new survey data from
a research arm of Bankers Life and Casualty Company
Hope that LTCI coverage will pay the bills has
increased even though only 12% of the survey participants said they have
purchased LTCI coverage.
More Numbers
About 51% said they were familiar with LTCI
but have not purchased it.
About 37% said they were unfamiliar with the
product.
About 21% of the participants described LTCI
as a necessary product, but 67% classified LTCI as a product that’s merely nice
to have.
About 19% of the participants said they are
getting LTC planning help from investment advisors. Just 4% said they are getting
LTC planning help from insurance agents.
Survey Basics
The research arm of Bankers Life — which, in turn, is an arm of
CNO Financial Corp. — based the new results on a survey conducted in
October.
The sample included 1,500 adults ages 54 to
72, with $30,000 to $100,000 in annual household income, and less than $1
million in investable assets.
All of the survey participants were born from
1946 through 1964, and all could be classified as baby boomers.
In 2013, Bankers Life’s research arm
commissioned a similar survey. The sample for that survey consisted of 1,299
Americans ages 49 through 67, with annual household income from $25,000 to
$75,000.
Resources
A copy of the new survey report is available here.
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