Survey Says!
Last November, OneAmerica® released its findings from a study to learn about consumers’ perspectives of long term care. In 2023, we will release our findings from a second study on producer perspectives regarding long term care. Here is a sneak peek at some of the findings.
When it comes to discussing long term care insurance, both producers and consumers agree on several key themes. In fact, the top two reasons producers sell long term care planning solutions are the same reasons clients purchase long term care solutions: first, to remove the financial burden from the clients’ families and second, to provide financial security.
The biggest barrier to purchasing or selling long term care protection is the cost. This was the number one response given by both consumers and producers. Both audiences were concerned about a “use it or lose it” type of solution- if the policyholder never filed a claim, the premiums paid would be wasted. OneAmerica sells asset based LTC solutions either with a life insurance or annuity as the basis for the contract. If LTC is never needed, benefits pass to the insured’s beneficiaries in the form of a life insurance payment or an annuity. Both producer and consumer perceptions of asset based LTC were positive. 69% of consumers found asset based LTC appealing while producers had positive impressions of both solutions (85% for life insurance with LTC benefits and 76% for an annuity with LTC benefits.)
What does this mean to you? Producers and consumers agree on the basics: the reason for (and against) long term care insurance, the impact of a long term care event on a loved one, and the appeal of a product that offers guarantees. As a producer or distribution partner, continue to focus on LTC protection as something you purchase to protect your family, not just the policyholder. We all want to know that we have taken the appropriate, educated steps that lead to the care of our loved ones.
Special thanks to Adam Itczak, OneAmerica Marketing Brand Manager, and Kelly Tingle, OneAmerica Enterprise Communications Manager, for their help and support for this survey project. Look for more information to be released and shared widely later this spring.