Maybe most regarding is that whereas 18% of respondents mentioned they’ve long-term care insurance coverage, together with 27% of Millennials, trade knowledge means that lower than 3% do (principally older shoppers) and others could also be complicated this cowl with long-term incapacity insurance coverage.
Round three in ten ballot individuals believed that they’ve long-term care insurance coverage however even have commonplace medical insurance.
“Many People – principally millennials – mistakenly imagine they’ve long-term care protection, often of their firm’s profit package deal, when in reality they don’t,” mentioned Holly Snyder, president of Nationwide’s Life Insurance coverage enterprise. “Although this false impression is comprehensible, it places them at hazard of discovering that they do not have protection a lot in a while after they really want it.”
Speaking to purchasers
The report urges monetary advisors to talk to purchasers about long-term care insurance coverage with 51% of respondents stating that that is necessary however solely 18% reporting having any long-term monetary planning recommendation.
“Monetary professionals must be proactive in serving to households plan for necessary long-term care points, together with how you can pay for it,” Snyder added. “Even when a shopper believes they’re lined, we propose probing them with some follow-up questions to make sure they’re, in reality, protected. If not, monetary professionals have an necessary function in serving to them put collectively a plan of motion.”