Long-term care planning is topic that many investors prefer to avoid, according to a new survey from Lincoln Financial. The upshot is that very few people have talked to their financial advisors about whether long-term-care insurance is the right choice for them.
The survey found that only about 20 percent of consumers have discussed long-term care with a financial professional. Just 17 percent of those consumers ended up buying an LTC insurance policy. LTC insurance isn't an optimal solution for everyone, depending on your overall financial situation, but it's a topic that everyone needs to carefully consider.
Interestingly enough, the survey found that consumers are more likely to recognize that need in a family member’s future rather than in their own. A third of the respondents said it was likely that a family member would need long-term care in the future, compared with 22 percent who said they would need it for themselves.