{"id":18778,"date":"2020-06-24T06:10:00","date_gmt":"2020-06-24T10:10:00","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/ltc-coverage-more-in-demand-among-younger-consumers\/"},"modified":"2020-06-24T06:10:00","modified_gmt":"2020-06-24T10:10:00","slug":"ltc-coverage-more-in-demand-among-younger-consumers","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/06\/24\/ltc-coverage-more-in-demand-among-younger-consumers\/","title":{"rendered":"LTC coverage more in-demand among younger consumers"},"content":{"rendered":"
<\/div>\n

Long-term care (LTC) insurance<\/a> might be a tough sell as a stand-alone product, but the idea of LTC coverage bundled with life insurance still appeals to many consumers.<\/p>\n

That was the takeaway from new research released by Massachusetts Mutual Life Insurance Company, which is based on a survey of 1,250 US adults aged 30 through 60 conducted in November.<\/p>\n

As reported in ThinkAdvisor, around one third (32%) of the consumers polled said they\u2019re considering buying insurance that would cover chronic care or LTC. Just over a fifth (22%) said they believe they already had that type of coverage.<\/p>\n

Separating the respondents by age group, MassMutual found that younger consumers were more likely to be interested in LTC coverage. Among those between 30 and 40 years old, 42% expressed interest in that benefit, compared to just 36% of 41- to 50-year-olds and 26% of 51- to 60-year-olds.<\/p>\n

Survey participants with incomes from US$75,000 to US$100,000 were also more likely to be interested in getting LTC coverage than higher-earning respondents. Researchers attributed that partly to the fact that 29% of those earning more than US$100,000 in household income reportedly already had some form of chronic care or LTC insurance protection.<\/p>\n

Of those in the US$75,000-US$100,000 bracket, roughly 36% said they were considering getting LTCI or chronic care coverage, as opposed to 33% of higher-income consumers<\/p>\n

When asked how they plan to pay for chronic care, 24% of the respondents said they expect to use LTC insurance coverage. Around 16% anticipate using a life insurance policy\u2019s chronic care benefits, and only 7% were thinking about using annuities.<\/p>\n

Nearly four tenths (39%) said they expected to use their retirement savings, while another 34% are expecting to use Medicare benefits.<\/p>\n

Read the original article at https:\/\/www.lifehealthpro.ca\/rss\/ <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Long-term care (LTC) insurance might be a tough sell as a stand-alone product, but the idea of LTC coverage bundled with life insurance still appeals to many consumers. That was the takeaway from new...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18778"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18778"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18778\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}