Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Long-Term Care Planning

OneAmerica Sees LTC Solutions Knowledge Gap

Your article was successfully shared with the contacts you provided.

Marketers at OneAmerica say they have new evidence that ignorance continues to be a barrier to use of insurance-based long-term care planning arrangements.

The Indianapolis-based company sponsored a survey of 2,065 U.S. adults ages 18 and older, and it released the results earlier this month, to support the Long-Term Care Awareness Month outreach campaign.

About 25% of the participants said they believe they have some kind of insurance that will help them pay for long-term care (LTC) services. But 13% of the participants said they have never heard of long-term care insurance (LTCI), and 9% said they don’t have any insured LTC planning products because they don’t know how to get the products.

(Related: AXA, OneAmerica Expand Long-Term Care Hybrid Efforts)

About 53% of the survey participants said they have heard of the concept of long-term care insurance but believe it’s too expensive.

OneAmerica says one way to reach consumers may be to offer them life insurance and annuity products that offer long-term care benefits.

In the past, advocates for stand-alone LTCI products argued that stand-alone LTCI was better partly because the purchasers could pay for the policies over time, rather than sending an issuer one large single premium payment.

Issuers of life-LTC hybrids and annuity-LTC hybrids can now counter that objection by offering the purchasers multi-pay premium options, OneAmerica says.

—Read ‘Financial Caregiving’ Is Widespread and Expensive on ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on
Facebook and Twitter.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.