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June 04, 2012 at 07:48 PM
Most U.S. residents who own private long-term care insurance (LTCI) say they learned about the product from live human beings rather than from advertisements.
Analysts at Mutual of Omaha, Omaha, Neb., have reported that finding in a summary of results from a recent study on U.S. LTCI buyers.
The company commissioned a telephone survey of 403 Mutual of Omaha LTCI policyholders and 385 holders of LTCI policies from other companies.
The company also commissioned LIMRA, Windsor, Conn., to conduct a series of 6 focus groups, with half of the groups consisting of actual LTCI buyers and half of consumers who seemed to be likely LTCI buyers. The focus groups were conducted in Atlanta, Omaha and Phoenix.
The company found, for example, that the typical LTCI buyer appears to be a women between the ages of 55 and 64 who is married, has adult children, and already owns life insurance and other financial products.
That woman says she first heard about LTCI while talking to another human being.
About 6% learned about LTCI from television advertising, about 6% from insurance company brochures, and 5.5% from magazine advertising.
