Many Young Consumers Want Long-Term Care Insurance: MassMutual
June 24, 2020 by Allison Bell
The bond market may be too chaotic for life insurers to have an easy time supporting stand-alone long-term care insurance (LTCI), but many consumers still love the idea of having LTCI coverage.
They also like the idea of buying chronic care benefits packaged together with life insurance.
About 32% of consumers surveyed said they are thinking about buying insurance that would cover chronic care, or long-term care, and 22% said they believe they already have such coverage.
Massachusetts Mutual Life Insurance Company has published new data on consumers’ hunger for mechanisms for paying for long-term care, in a summary of results from a survey of 1,250 adults ages 30 through 60. All of the participants had income from $50,000 to $150,000 per year.
The survey was conducted in November — before the attack of COVID-19 on nursing homes and assisted living facilities underscored the value of having the financial flexibility to adapt to changes in long-term care (LTC) needs and the LTC provider market.