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Boomers Are Also Hungry for More Advice About Insurance: IRI

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Two weeks ago, the Insured Retirement Institute reported that even members of Generation X who have financial advisors may be getting less information than they want about personal protection insurance.

(Related: These 3 Threats Scare Gen Xers More Than Basic Retirement Costs: IRI)

Now, IRI has published another batch of survey data that suggests that baby boomers with financial advisors may be suffering from a similar insurance advice deficit.

IRI analysts have based the new report on results from an online survey of 806 U.S. residents ages 55 to 71.

The analysts found that 27% of the survey participants had talked to a financial professional of some kind about retirement planning.

The analysts also found that many the participants were worried about two risks that can be managed with insurance: high health care costs and cognitive decline. Sixty-nine percent of the participants ranked high health care costs as a top retirement planning concern. Fifty-two percent ranked cognitive decline as a top concern.

But the survey participants were much less likely to have talked to their financial professionals about health insurance or long-term care planning than about income planning.

About 94% of the participants had talked about investment selection with their advisors, and 84% had  talked about annuities.

Just 67% had talked about long-term care planning.

Only 57% had talked about Medicare supplement insurance.

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