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.
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.