3 in 4 Campaign Addresses Boomer Long-Term Care Insurance
Author: 3in4 Association
Synopsis and Key Points:
Most Boomers value long-term care insurance but that fewer than 10 percent have gotten around to buying it.
Main DigestAccording to the 3in4 Association, when it comes to long-term care insurance (LTCI), there's a big gap between what Baby Boomers (46 to 64 years old) believe and what they do.
The association points to a recent survey by Mathew Greenwald & Associates showing that most Boomers highly value long-term care insurance, but that fewer than 10 in 100 have gotten around to buying it.
"This and other studies show that Americans often put off the purchase of insurance, including long-term care insurance, and can wait too long," says Jaimee Niles, Executive Committee Member of the 3in4 Association, which runs the "3 in 4 Need More" campaign. "This is one reason," she continues, "why the LIFE Foundation supports campaigns that educate Americans about the need for insurance, what it does and how it works." Niles is also Vice President of Communications for the LIFE Foundation.
The impetus for the campaign slogan has been generated by a number of studies, the most recent sponsored by Prudential Financial Inc. involving consumers age 55 to 65. According to this study, 74 percent of those polled said they are concerned about needing some kind of long-term care. Among the numerous findings of the Greenwald survey, 87 percent of respondents said helping protect the family from paying for long-term care was a key benefit of the insurance, and 84 percent said ensuring that retirement savings remain intact was a key benefit. Yet despite such widespread beliefs, only 9 percent actually own a long-term care policy.
This is alarming in light of a statement by the U.S. Department of Health and Human Services that at least 70 percent of people over age 65 will require some long-term care services at some point in their lives.
"We need to get people motivated," says Debra Newman, Executive Committee Member of the 3in4 Association and LIFE Foundation Board Member, "and we think the 3 in 4 Need More campaign can be one way to get this done."
The 3 in 4 Need More campaign will rely on partnerships with LIFE Foundation and key industry leaders to reach consumers through an aggressive social networking and outreach campaign including:
3in4 on Twitter: twitter.com/3in4needmore
3in4 on Facebook: www.facebook.com/3in4needmore
In addition, participating organizations will incorporate the 3 in 4 Need More logo into their marketing materials. For example, sponsor LTC Financial Partners includes the 3 in 4 logo on its home page - www.ltcfp.com - as well as in company brochures, business cards, and digital signatures.
By expanding the outreach campaign and aggressively promoting the slogan, Niles says, "we expect to see the same positive results we have had with other insurance-related campaigns aimed at motivating Americans to make good insurance choices for themselves, their loved ones and their business. Long-term care insurance is another important part of good financial planning."
About the 3 in 4 Need More Campaign: Members of the campaign cross all industries, genders and age. The movement is nationwide and its organization is exclusively dedicated to promoting the importance of planning for long-term care needs. The campaign is run by an advisory board and consists of the nation's most knowledgeable and committed professionals in the long-term care industry. The 3in4 Association, which runs the 3 in 4 Need More campaign, is a nonprofit corporation exempt from federal income tax under section 501(c)(4) of the Internal Revenue Code. Donations to the 3in4 Association may be deductible as business expenses, but are not deductible as charitable contributions for federal income tax purposes. To learn more, visit www.3in4needmore.com.
About LIFE Foundation: The Life and Health Insurance Foundation for Education (LIFE) was founded in 1994 in response to the public's growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the important role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs. To learn more about these topics, please visit www.lifehappens.org
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