Mutual of Omaha recently conducted the Hearts & Minds Consumer Study to better understand the typical buyer of long-term care insurance.
The study revealed that the majority of consumers believe long-term care insurance is important, but only 32% of those surveyed had purchased a policy. Additionally, the survey found that 65% of those who purchased long-term care insurance did so through an insurance broker or financial services professional.
This study highlights the importance of understanding the needs of consumers and provides valuable insight on how to best market and sell long-term care insurance.
The typical long term care insurance buyer is a person age 50 or older who is looking to protect their retirement savings from the high cost of long term care. Benefits purchased tend to include coverage for both in-home and facility-based care, as well as respite care, hospice care, and nursing home care.
The average benefit purchased is around $150,000 of lifetime care, with the option to add inflation protection to the policy. These policies can help provide financial security in the event of an unexpected long term care need and can be customized to fit the individual's budget and long term care needs.
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