A new government financed research study looks at why people may or may not decide to buy LTC Insurance.
Here are some characteristics of people more likely to buy, according to the the study:
- They want to avoid being a burden to their family
- They prefer care be given by professionals
- They trust the insurance companies are pricing products appropriately.
And here are some characteristics people less likely to buy:
- They think their family will provide care.
- They are worried about the affordability of premiums.
- They don't trust the insurance company to be in business or pay claims correctly.
Most important, of survey respondants only 7 percent claim to know "a lot" about long-term care insurance. Even among those who have a policy, only 18 percent said they know a lot. Conclusion - there is a lot of opportunity for learning about this type of coverage.
A link to the complete 43 page report is below. What do you think of the report?
Download Brown_Goda_McGarry_RRC
Comments