The Finance of Longevity

Most Americans Do Not Have LTCi; More Than Half Think It's Too Expensive

Perception of lack of affordability crosses income levels

INDIANAPOLIS (Nov. 21, 2017) — Three-quarters of Americans—75%—say they don’t currently have long-term care (LTC) insurance, and more than half (53%) of those who don’t say it’s too expensive.

A survey conducted online by Harris Poll on behalf of OneAmerica® in August asked 2,065 adults age 18 and older1 whether they have LTC insurance, and if not, asked them why they don’t. Only 25% of adults reported having LTC insurance. “It is too expensive” was the most common reason chosen for not having LTC insurance (53%), ahead of “I don’t want to pay for something I may never need” (25%), “I’ve never heard of it” (13%), “I’ve heard negative things about it” (9%), and “I don’t know how to get it” (9%).

Furthermore, among those who do not have LTC insurance, nearly half—49%—of Americans with annual household income of $75,000 or more cited it being too expensive as a reason they don’t have LTC insurance.

Actually, it can be cost-effective

In reality, many middle-class families may find LTC protection a cost-effective way to prepare for the needs of growing older, while protecting their retirement income from the drain of unexpected expenses. Roughly 70 percent of Americans ages 65 and older will need some kind of help with the activities of daily living as they age. [2]

“Especially with asset-based LTC protection, many people preparing for retirement find they can reposition assets they already have to gain LTC protection,” said Chris Coudret, vice president and chief distribution officer, Care Solutions at OneAmerica. “Others find that a multi-pay premium option with guaranteed premiums and benefits fits well into their existing retirement strategy.

“November is Long-Term Care Awareness Month, and we want to spread the word that LTC protection—even protection including lifetime benefits—is still within reach for many Americans.”

With asset-based LTC protection, premiums are guaranteed, and some policies come with a return-of-premium guarantee in case of cancellation.

many people preparing for retirement find they can reposition assets they already have to gain LTC protection

For more information and scenarios about how long-term care protection can help protect assets, download “Planning for Every Possibility” at




[1] This survey was conducted online within the United States by Harris Poll on behalf of OneAmerica Financial Partners from August 17-21, 2017, among 2,065 U.S. adults ages 18 and older, among whom 1,565 do not currently have long-term care insurance. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact .
[1] “How Much Care Will You Need?” Web. 20 November 2017.
About OneAmerica®
A national leader in the insurance and financial services marketplace for 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit
OneAmerica® is the marketing name for the companies of OneAmerica.
Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. All guarantees are subject to the claims paying ability of State Life.
*On July 20, 2017, State Life was rated A+ (Superior) by A. M. Best. This is the second highest of 16 possible ratings assigned by the agency.