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Aug 18, 2023 • LTCI Partners

Why People Buy - and Don't Buy LTC Insurance [new research slide show]


Nationwide survey slide 1

Nationwide recently worked with LIMRA/LOMA to survey a group of Baby Boomers, Gen X and Millennials to see what they think about LTC Insurance. 

The results can help advisors tailor planning approaches.  We've selected a few interesting findings. Click the slide arrow to learn more.....

Nationwide survey slide 2

First, there continues to be a large portion of the population who thinks they own LTC Insurance, even though the actual ownership percentage is less.

 This points out the importance of doing periodic LTC policy reviews instead of taking the word of someone that they own LTC Insurance 

Nationwide survey slide 3

We see that the overwhelming majority of LTC purchasers bought a plan through a financial security professional or a group offering.

Nationwide survey slide 4

It's important to understand the motivation for purchase.  Although financial considerations are important, buyers often purchase because they understand the impact of caregiving on their friends and family.

Nationwide survey slide 5

Another indication that being a burden is a key worry, and that they don't think family is responsible for care - even as we know families usually come through to help.

Nationwide survey slide 6

LTC policy owners want to help support their caregivers who are giving up time and money to provide care - LTC Insurance can play a role in that.

Nationwide survey slide 7

This slide demonstrates why education is so important.  People can confuse what LTC Insurance covers with Disability Income or Health Insurance.

Nationwide survey slide 8

People are confused about how expensive LTC Insurance is.  They often confuse the average premium paid with what type of coverage they could purchase.  Meaningful LTC benefits are available at many premium price points.  Waiting to buy can be a big mistake.

Nationwide survey slide 9

There is a lot of opportunity to educate people on what LTC Insurance does - most admit their knowledge is limited!

Nationwide survey slide 10

Another example of the educational opportunities in LTC Planning.

Nationwide survey slide 11

Finally, here is a good slide giving guidance on what communication platforms will work with different generations.  Millennials are turning 40 and looking at different ways of learning!  Still, financial advisors have a lot of opportunity to help plan.

Written by LTCI Partners