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3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
3in4 survey-results-11-11
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3in4 survey-results-11-11

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3in4 Survey Results 11/2011 - Long Term Care Insurance

3in4 Survey Results 11/2011 - Long Term Care Insurance

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  1. 3 in 4 Questions from the Multi-LTC Omnibus Study Consumer Insights ‫‏‬ September 2011 ‫‏‬128595 11/07/11 ©2011 Genworth Financial, Inc. All rights reserved.
  2. Goals & MethodologyGoals‫‏‬ – Uncover new insights for marketing campaigns, press releases, practice management and thought leadership initiatives‫‏‬Methodology – A national study with adults ages 25 years and older, with incomes of $50,000 and above, with all other demographics being a representative sample of the United States. There were a total of 1073 completed interviews holding a 95% confidence with 3% margin of error. – Survey was fielded from August 17th – 21st, 2011 – Red Boxes in charts indicate significant differences – Light Blue Boxes with the word “CAUTION” indicate a small group of respondents (less than 45), and should be considered directional information
  3. Do you have long term care insurance? 90% Sample Size = 1073 80% 78% 70% 60% 50% 40% 30% 20% 10% 8% 7% 6% 0% I have not purchased long term I purchased long term care I purchased long term I purchased long term care insurance insurance sometime in the last care insurance sometime over care insurance sometime in the 6-10 years 10 years ago last 5 years Nearly 4 out of every 5 respondents stated they believe they have not purchased long term care, and 14% of the respondents purchased more than 6 years ago.
  4. How likely are you to consider a long term care insurance policy for….? Top 2 Box - Likely Sample Size = 1073 Middle Box Bottom 2 Box - Not Likely 13% 10% 29% 24% 16% 17% 22% 19% 43% 41% 38% 32% Yourself Parent / In Law Spouse Your Children Respondents are more likely to consider purchasing long term care insurance for themselves and their spouse as compared to purchasing for a parent / in law or their children.
  5. Thinking about your possible long term care needs, do you think you could use any ormore information about long term care? 70% 66% 60% 50% 40% 34% 30% 20% 10% 0% No Yes Sample Size = 1073 Two thirds of respondents do not think they need any or more long term care information. .
  6. Where would you go to learn about long term care? Internet Search (Google) 40% Insurance Company or Carrier Website 33% Family/Friends 32% Health Care Professional 28% An Insurance Agent/Advisor Website 27%Financial Services Professional such as Agent or Advisor 24% Your Work Benefit Specialist 20% Books/Pamphlets/Magazines 13% An Association such as Alzheimers 5% Church/Community Group 5% Wikipedia or Similar Website 5% Facebook 3% Blogs 2% Phone Book 2% Linkedin 1% Sample Size = 1036 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% The top three places where respondents would / did learn about long term Insert Insight. care are an Internet Search, Insurance Company or Carrier Website and Family and Friends.
  7. For the average person, what would you say is about the right age to purchase long term care coverage? Sample Size = 1073 35% 32% 30% 25% 25% 20% 16% 15% 11% 10% 8% 6% 5% 1% 0% 18-24 24-34 35-44 45-54 55-64 65-69 70 or older Majority of the respondents feel long term care coverage should be purchased between the ages of 45-64.
  8. Since the financial crisis in 2008 have you…(check all that apply) 80% 68% 70% 60% 50% 40% 30% 20% 11% 10% 9% 10% 7% 0% Question 41: Question 41: Created Question 41: Decided Question 41: Decided Question 41: None of Increased the number a new, written to create a financial to create a financial the above of times you have met financial plan plan yourself, but plan, but do not have with a financial have not gotten a relationship with a planner, advisor or around to it financial planner or agent advisor The majority have not decided to create a new plan or increased the frequency with which they meet with a financial professional. Only 20% have actually took action since the financial crisis in 2008.
  9. What is included in in your retirement plan? Reverse Mortgages 1% I do not have a retirement plan 12% Long Term Care Insurance 16% Annuities 20% CD’s 21% Real Estate Holdings 23% Stocks 31% Mutual Funds 32% Life Insurance 43% IRAs 47% Saving Accounts 53% 401Ks 56% 0% 10% 20% 30% 40% 50% 60% The top five products in respondent’s retirement plan are: 401K’s, Saving Accounts, IRA’s, Life Insurance and Mutual Funds.
  10. Which of the following are you considering adding more of or to your financial plan over the next twoyears? Reverse Mortgage 0% Real Estate Holdings 5% Annuities 6% Long Term Care Insurance 7% Life Insurance 8% CDs 9% Mutual Funds 10% Stocks 12% Savings Accounts 16% IRAs 17% 401Ks 21% None of the above, I do not plan on adding anything 43% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Almost half do not plan on adding more of or to their financial plan in the next two years.

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