More than half of U.S. adults admit that they know little or nothing about long-term care insurance (LTCI), but almost half are interested in the idea of owning the product.
InsuranceQuotes.com, an insurance quote service, has published data supporting those conclusions in a summary of results from a telephone survey of 1,001 adults living in the continental United States that was conducted earlier this month.
About 27 percent of the participants said they were not too familiar with LTCI, and 26 percent said they were not at all familiar with the product.
But 5 percent said they already have LTCI coverage, and 47 percent said they would consider buying LTCI coverage in the future, according to InsuranceQuotes.com.
LTCI marketers have worried about recent waves of LTCI price increases, but InsuranceQuotes.com found a sign that consumers might be somewhat resistant to the rate increases: The company found that only about 16 percent of the survey participants knew roughly what LTCI coverage costs today, and that about 56 percent believed the cost of the coverage to be significantly higher than it actually is.