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Affluent older Americans with financial advisors are a lot more likely to talk about long-term care (LTC) costs with someone than similar Americans without advisors.
Here's how the numbers look for affluent older Americans with advisors, and spouses:
- 50% have talked about LTC planning with their spouses.
- 43% have talked about the topic with professional financial advisors.
- 9% have talked about the topic with insurance agents.
- 31% have not talked about the topic with anyone.
Here's how the numbers look for affluent older Americans with without advisors:
- 42% have talked about LTC planning with their spouses.
- 3% have talked about the topic with professional financial advisors.
- 5% have talked about the topic with insurance agents.
- 48% have not talked about the topic with anyone.
The survey results show that, for participants without financial advisors, "no one" is the top LTC cost conversation partner.
Analysts from the Harris Poll have presented those figures in a summary of results from a survey commissioned by and distributed by Nationwide Mutual Insurance Company. The survey was conducted in February.
Who Participated in the Nationwide LTC Survey?
The sample included 1,007 U.S. adults ages 50 and older with a household income of $150,000 or more, including 522 affluent adults who have provided, or still provide, long-term care for a friend or family member, without being paid for the care.
About half of the participants said they had professional financial advisors.
Analysts did not indicate how many of the financial advisors might be licensed to sell insurance.
How Did Agents Do in the Nationwide LTC Conversation Partner Rankings?
The results show that insurance agents identified in the survey as insurance agents ranked high on the list of participants' LTC cost conversation partners.
For all participants, agents ranked fourth, after spouses, financial advisors and the participants' children. They ranked ahead of physicians, co-workers and other family members.
