Recently, Mutual of Omaha hired a research organization to ask recent buyers of their policies why they bought their coverage. Since Mutual of Omaha doesn't sell group products, the buyers purchased through insurance agents and financial advisors.
Here are the top five reasons given:
- To protect my assets
- Security/Peace of Mind
- To cover the costs of LTC services I might need in the future
- I don't want to be a financial burden to my family
- I know I'll need it
Besides the fact that underwriters may be unnerved by answer #5,another interesting finding is that the number one reason given to buy is to protect assets. That means that LTC buyers understand the financial risk LTC poses to their portfolio. Linking LTC planning to retirement planning makes a lot of sense. In essence, for a premium that represents a fraction of someone's retirement assets they can protect those assets against a LTC event.
Financial advisors can receive a full copy of the report by emailing sales@ltcipartners.com