vA MassMutual survey showed that the demand continues to remain solid among consumers.
Long term care insurance policies continue to hold their appeal among younger Americans, according to the results of a recent MassMutual survey.
Insurers have been withdrawing from this market which comes with expensive chronic care benefits.
Despite the concerns among insurers, many consumers are still very interested in investing in long term care insurance policies. The research showed that consumers also like the idea of being able to purchase this coverage as a part of a package that also includes life insurance.
Approximately 32 percent of the customers surveyed stated that they were considering the purchase of coverage for chronic care or long-term care. Another 22 percent said that they were already carrying this type of coverage.
The research was conducted by Massachusetts Mutual Life Insurance Company, which published this data in a report. That report showed that consumers still want coverage that will help them to pay for long-term care if the day comes that they should need it. The survey included the participation of 1,250 adults between the ages of 30 years old and 60 years old. They all had an annual income of $50,000 to $150,000.
This long term care insurance policies survey was conducted before the arrival of COVID-19.
It was conducted in November. Therefore, the survey responses were not altered by the news headlines of COVID-19 outbreaks in nursing homes and assisted living facilities. That said, those incidents only underscored the importance of ensuring there is financial flexibility to keep on top of LTC requirements.
Interestingly, the survey determined that younger consumers had a greater interested in purchasing LTC coverage than their older counterparts. Among those aged 30 through 40 years old, 42 percent were interested in this type of insurance. Among those aged 41 through 50 years old, 36 percent said they were interested in this coverage. Only 26 percent of those aged 51 through 60 years old wanted an LTC plan.
The survey data also showed that respondents with an annual income from $75,000 to $100,000 were the most likely to be interested in purchasing long term care insurance policies.