Consumers’ interest in long term care insurance is growing, according to most agents and brokers surveyed recently by John Hancock Financial Services Inc.
When Hancock researchers conducted an online survey of 400 members of the Million Dollar Round Table, Park Ridge, Ill., they found that 89% of the MDRT members said they have seen an increase in consumer interest in LTC insurance over the last few years.
In addition, 95% of MRDT members said they expect more customers to ask them about the product in the future, and 98% agreed that LTC insurance is a vital part of a complete financial plan.
Surveyed producers said the top reasons clients want to buy LTC insurance are to avoid being a burden on their families or because a family member has experienced a need for long term care.
On the other hand, the top barrier to buying the insurance is that the product is viewed as too expensive, according to those surveyed.
The second most common obstacle identified by sellers is that many clients don’t yet see the need for LTC insurance.
Overall, 84% of participating MDRT members said they already are involved in selling LTC insurance, and 14% said they want to begin selling LTC insurance or developing a partnership with an LTC insurance specialist. Only 2% said they have no interest in selling LTC insurance.
Hancock is a unit of Manulife Financial Corp., Toronto.