In a recent consumer survey from OneAmerica Financial conducted in partnership with Hanover Research found that 74% of the consumers surveyed think that they are likely to need LTC in the future with two thirds of them saying that planning is a priority.
If this is what consumers are saying, then why are so many advisors willing to ignore the risk that a long-term care event poses to their clients’ financial futures?
Compared to the 2022 survey, the number of people sharing that they were uncertain if they would need LTC support and services decreased to 26% (from 34%). This is likely a byproduct of personal experience – where 88% of the respondents noted that was a catalyst for wanting to put together a plan and buy LTC protection (75% of respondents).
If this is what consumers have expressed, then why are so many financial professionals avoiding the conversation?
An interesting contrast emerged – people who already have a plan are less likely to include using personal assets to pay for care (36%) compared to those without a plan (51%).
Sadly, a third expressed confidence in their current plan.
What does this mean to you? You have a group of people who are looking for planning assistance and funding strategies. What are you waiting for?
OneAmerica Financial has developed some tools that might help in that planning conversation …
Step by Step Guide to Receiving Long Term Care (consumer approved)
Care Planning Worksheet (consumer approved)
As always, if you want more information or assistance with Care Solutions, contact Justin Fox at (844) 658-3725 or justinfox.isp@oneamerica.com, or Nick Angelov at (844) 623-4251 or nick.angelov.isp@oneamerica.com, or myself at (678) 512-9627 or kevin.fisher@oneamerica.com
Fridays with Fisher 