Many older U.S. consumers would rather not finance a long term care (LTC) plan at all, but others would prefer to have LTC arrangements squared away before they reach age 65.
The Wellesley, Mass.-based arm of Sun Life Financial Inc. (TSX:SLF) came up with data supporting that idea recently when it commissioned a survey of 1,015 U.S. residents ages 50 and older, including 401 with at least $500,000 in investable assets.
Sun Life found that only about half of the survey participants said they worry about LTC costs, but they also found that only 16% of the participants feel they are financially prepared to pay for long term care.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
