John Hancock Long Term Care Insurance Options Study
Last updated: December 4, 2018 at 12:31 pm
Research conducted for John Hancock long term care insurance confirms that lower priced options increase purchasing interest in long term care insurance among 45-65 year olds.
According to the survey, most Americans significantly overestimate the cost of long-term care insurance premiums, predicting the average annual long term care insurance premium for a healthy 55-year-old couple to cost $7,000 per year or more. However, the actual cost is $2,700 per year.
The lower cost options in the survey used the newer John Hancock Long Term Care Insurance CPI inflation option which grows on a compounded basis according to increases in the Consumer Price Index. The higher cost options in the study used “traditional policies” with traditional Benefit Increase Options.