Table of Contents
- Scope and Themes
- What you need to know
- Scope of this report
- Consumer survey - methodology
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- LTCi coverage continues to grow, mixed messages for the future
- Individual LTCi continues its decline, hope on the horizon?
- Group LTCi continues to recover from 2004 slump
- Financial planners and employers become more active in promoting LTCi
- Market drivers
- Three leading players still account for less than 30% of market
- The consumer
- Direct mail continues to be the main promotional tool
- Market Size and Forecast
- Key points
- Figure 1: Long-term care insurance experience reports, 1995-2005
- Figure 2: Long-term care insurance by type, 2005 reporting year
- Figure 3: Group versus individual long-term care insurance market based
on participants' data, 2006
- Figure 4: Companies filing long-term care insurance Form B, 2006
- Competitive Context
- Figure 5: Three-year sales outlook for long-term care insurance market,
2000, 2003, 2006
- Lapse data
- Figure 6: Voluntary lapse data for long-term care insurance, 2001-04
- Segment Performance: Individual Long-Term Care
- Key points
- Year-over-year change
- Figure 7: Individual long-term care new business trends, 2003-07
- Competitor rankings
- Figure 8: Carrier ranking by annualized premium for individual long-term
care insurance sales, 2006
- Characteristics of recent individual LTCi policy sales
- Figure 9: Individual long-term care Insurance sales, by issue age, 2007
- Figure 10: Individual long-term care Insurance sales, by benefit period,
2007
- Figure 11: Individual long-term care insurance sales, by benefit
increase mode, 2007
- Figure 12: Claims paid by types of service, individual long-term care
insurance, 2007
- Segment Performance: Group Long-Term Care
- Key points
- Year-over-year change
- Figure 13: Employer-sponsored long-term care insurance new business,
2007
- Figure 14: Group employer-sponsored long-term care insurance sales
trends, 2003-07
- Market share
- Figure 15: New group long-term care insurance market share, by carrier,
2006
- Figure 16: In-force group long-term care insurance market share, by
carrier, 12/31/2006
- Characteristics of recent group LTCi policy sales
- Figure 17: Group long-term care Insurance sales, by issue age, 2007
- Figure 18: Group long-term care Insurance sales, by benefit period, 2007
- Figure 19: Group long-term care insurance sales, by benefit increase
mode, 2007
- Figure 20: Group long-term care insurance claims paid, by types of
service, 2007
- Marketing Channels
- Key points
- Overview
- Direct mail
- Market Drivers
- Key points
- Long-term care needs and costs
- Figure 21: Length of time nursing-home residents stay in such
facilities, February 2008
- Figure 22: Four-year trend in annual cost of facility-based care,
2004-07
- LTCi legislation
- Deficit Reduction Act of 2005
- Pension Protection Act of 2006/Combination policies
- Expansion of the state partnership program
- 2008 U.S. Presidential campaign
- Public awareness and publicity
- Agent training requirements
- Product innovations
- Cash plans
- Simplification
- Claims
- Major claims report released
- Figure 23: Top causes of long-term care insurance claims, November 2007
- Companies and Brands
- Leading Companies
- Key points
- Top providers
- Figure 24: Top long-term care insurance companies by covered lives,
2005-06
- Allianz
- Genworth Financial
- John Hancock
- MetLife
- Penn Treaty Network America Insurance
- Preservation Advantage
- Prudential
- Innovation and Innovators
- Figure 25: AARP/Metropolitan Life direct mail ad, first seen June 2007
- Figure 26: Bankers Life and Casualty direct mail ad, first seen May 2007
- Figure 27: John Hancock direct mail ad, first seen May 2007
- Figure 28: General Electric Capital Assurance/Genworth Financial Ad,
first seen January 2006
- Figure 29: Genworth Financial print ad, first seen December 2007
- Figure 30: Genworth Life Insurance Company, August 2008
- Advertising and Promotion
- Overview
- Figure 31: Prudential Financial direct mail ad, september 2006
- Figure 32: Great American Life B2B producer direct mail ad, first seen
August 2007
- Figure 33: US Federal Credit Union/CUNA Mutual direct mail ad, first
seen May 2007
- Figure 34: Equitable Life direct mail ad, first seen October 2007
- Familiarity with and Ownership of LTCi
- Key points
- Consumer familiarity with LTCi
- Figure 35: Familiarity with long-term care insurance, by age, February
2008
- Figure 36: Familiarity with long-term care insurance, by household
income, February 2008
- Current ownership of LTCi coverage
- Figure 37: Possession of long-term care insurance, by age, February 2008
- Reasons for not having LTCi
- Key points
- Reasons
- Figure 38: Reasons for not having long-term care insurance, by gender,
February 2008
- Figure 39: Reasons for not having long-term care insurance, by age,
February 2008
- Figure 40: Reasons for not having long-term care insurance, by household
income, February 2008
- Attitudes and Opinions Regarding LTCi
- Key points
- Advantages of LTCi
- Figure 41: Advantages of long-term care insurance, by gender, February
2008
- Actions taken to develop a retirement/estate plan
- Figure 42: Actions to develop a retirement/estate plan, by gender,
February 2008
- Plans to pay for medical expenses during retirement
- Figure 43: Plans to pay for medical expenses during retirement, by age,
February 2008
- Figure 44: Plans to pay for medical expenses during retirement, by
household income, February 2008
- Understanding of what Medicare covers
- Figure 45: Understanding of Medicare coverage for nursing care, by age,
February 2008
- Appendix: Other Consumer Tables
- Familiarity with and ownership of LTCi
- Figure 57: Familiarity with long-term care insurance, by gender,
February 2008
- Figure 58: Familiarity with long-term care insurance, by children in
household, February 2008
- Figure 59: Familiarity with long-term care insurance, by race/Hispanic
origin, February 2008
- Figure 60: Familiarity with long-term care insurance, by region,
February 2008
- Ownership of long-term care insurance
- Figure 61: Possession of long-term care insurance, by gender, February
2008
- Figure 62: Possession of long-term care insurance, by children in
household, February 2008
- Figure 63: Possession of long-term care insurance, by household income,
February 2008
- Figure 64: Possession of long-term care insurance, by race/Hispanic
origin, February 2008
- Figure 65: Possession of long-term care insurance, by region, February
2008
- Reasons for not having LTCi
- Figure 66: Reasons for not having long-term care insurance, by children
in household, February 2008
- Figure 67: Reasons for not having long-term care insurance, by
race/Hispanic origin, February 2008
- Figure 68: Reasons for not having long-term care insurance, by region,
February 2008
- Reasons for having long-term care insurance
- Figure 69: Advantages of long-term care insurance, by age, February 2008
- Figure 70: Advantages of long-term care insurance, by children in
household, February 2008
- Figure 71: Advantages of long-term care insurance, by household income,
February 2008
- Figure 72: Advantages of long-term care insurance, by race/Hispanic
origin, February 2008
- Figure 73: Advantages of long-term care insurance, by region, February
2008
- Actions taken to develop a retirement/estate plan
- Figure 74: Actions to develop a retirement/estate plan, by age, February
2008
- Figure 75: Actions to develop a retirement/estate plan, by children in
household, February 2008
- Figure 76: Actions to develop a retirement/estate plan, by household
income, February 2008
- Figure 77: Actions to develop a retirement/estate plan, by race/Hispanic
origin, February 2008
- Figure 78: Actions to develop a retirement/estate plan, by region,
February 2008Plans to pay for medical expenses during retirement
- Figure 79: Plans to pay for medical expenses during retirement, by
gender, February 2008
- Figure 80: Plans to pay for medical expenses during retirement, by
children in household, February 2008
- Figure 81: Plans to pay for medical expenses during retirement, by
race/Hispanic origin, February 2008
- Figure 82: Plans to pay for medical expenses during retirement, by
region, February 2008
- Lack of understanding about Medicare coverage for nursing care
- Figure 83: Plans to pay for medical expenses during retirement, by
gender, February 2008
- Figure 84: Plans to pay for medical expenses during retirement, by
household income, February 2008
- Figure 85: Plans to pay for medical expenses during retirement, by
race/Hispanic origin, February 2008
- Figure 86: Plans to pay for medical expenses during retirement, by
region, February 2008
- Appendix: Trade Associations
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