John Hancock Survey - Fear Leading to Denial

The survey made it clear that fear of LTC (Long term care) is one of the main obstacles to purchasing LTC insurance. Fear leads to denial, as 2/3 of the respondents agreed that it is difficult to admit that they might ever need LTC in the future. This denial prevents people from doing a realistic assessment of their LTC needs and addressing the issue.

About 64% of the respondents expect to reach the age of 85, but only 51% are worried about needing LTC.

Many are willing to rely on alternate sources of funding as a way to avoid being proactive, even though those alternatives may not meet their future requirements.

Of those willing to pay out of pocket, 46% cannot afford more than one year in a nursing home.

Most believe that going to a nursing home is worse than dying or becoming bankrupt.

We'll talk about the solutions to this next time. Remember, we at AM Warner Insurance are here to help you get educated and make informed decisions.

Source: John Hancock 2006 Long Term Care Survey