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Survey sheds light on long-term care insurance attitudes

01/10/12

A recent survey of 1,000 Americans revealed that more people know the basics of long-term care and relevant insurance products than compared to five years ago, with a majority believing they will need some form of long-term care coverage.

A majority of respondents, 82 percent said that it is irresponsible not to plan for the cost of long-term care needs, with 61 percent citing long-term care insurance as the best way to plan for this type of situation.

"While it is encouraging to see an increase in general knowledge," said Marianne Harrison, president of John Hancock LTC Insurance, "the survey's overall results are a cause for concern because most consumers appear to be making long-term care plans by default, thinking they'll rely on government programs, which already are showing signs of strain."

Consumers with dependents may strongly want to consider a life insurance policy of some kind. Although it typically isn't considered until later in life, the earlier life insurance coverage is purchased, the more affordable it may be, as many providers offer the most attractive rates to those who are still young and in relatively good health. Comparing life insurance quotes online will yield the most affordable rates available.

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