Long-term Care Insurance
The MSR Group* conducted a telephone survey with existing long-term care policyholders; they discovered most people who purchase long-term care insurance share certain similarities.
Here are the primary reasons for purchasing long-term care insurance: To protect assets, 23.6%; security/peace of mind, 18.1%; to cover the cost of LTC services that might be needed in the future, 17.4%; I don’t want to be a financial burden to my family, 17.4%; I know I’ll need it, 16.4%; I know someone who had trouble paying for LTC services, 13.9%; I know I’m getting older, 11.4%; I don’t want my children to have to take care of me, 10.2%; to make sure I’m taken care of in later years, 9.7%; my loved ones don’t live close enough to take care of me, 7.9%; I want to be able to choose the type of care I get, 7.4%; the high cost of LTC services, 7.2%; and planning for the future/retirement, 5.5%.
*Long-term Care Insurance Survey conducted by The MSR Group. Between May 16 and June 13, 2010, the MSR Group conducted a national CATI (Computer Assisted Telephone Interview) survey with 403 Mutual of Omaha long-term care insurance policyholders and 385 people who owned long-term care policies from other carriers.