9. National Studies of Older Adults’ Preferences for Insurance Services

 Older Americans’ (age 55-plus) responses to a variety of insurance products are investigated in two large-scale national studies.  The areas covered include: preferences for selected insurance services; willingness to buy long-term care (LTC) insurance for self, spouse, and parents; attitudes toward supplemental or LTC insurance for paying unexpected medical and nursing home expenses; reasons for patronizing specific insurance companies; patronage preferences for nontraditional insurance-service providers; preferences for methods of purchasing insurance services, and reasons for buying or not buying insurance by phone or mail; and media-use profiles of those older Americans who are willing to buy specific LTC insurance policies.  The report also provides information on how responses differ across groups of younger and older consumers, and across other sociodemographic characteristics and lifestyles of older adults. © 1997.  Length: 150 pages.  $200.00

TABLE OF CONTENTS  

Purpose and objectives II-1
The studies II-2
Preferences for insurance services II-3
Willingness to buy long-term care insurance for self  II-6
Willingness to buy long-term care insurance for spouse II-11
Willingness to buy long-term care insurance for parents II-14
Use of supplemental/long-term care insurance II-18
Preferences for sources of information regarding new insurance services II-20
Reasons for patronizing insurance companies II-23
Patronage preferences for nontraditional insurance service providers II-28
Preferences for methods of purchasing insurance services II-32
Reasons for buying or not buying insurance by phone or mail II-35
Media use profiles of those likely to buy long-term care insurance II-39
Summary and implications for marketing strategy II-45
Tables 
Appendix 
Supplement 

LIST OF TABLES  

TABLE II-1  Preferences for insurance services among older adults
TABLE II-2 Preferences for insurance services among younger and older adults
TABLE II-3 Preferences for insurance services among older adults by age
TABLE II-4 Preferences for insurance services among older adults by gerontographic cluster
TABLE II-5 Willingness to pay for long-term care benefits covering self among older adults
TABLE II-6 Willingness to pay for long-term care benefits covering self among younger (under 55) and older adults 
TABLE II-7 Willingness to pay for long-term care benefits covering self among older adults by age
TABLE II-8 Willingness to pay for long-term care benefits covering self among older adults by gerontographic cluster
TABLE II-9 Willingness to pay for long-term care benefits covering spouse among older adults by age
TABLE II-10  Willingness to pay for long-term care benefits covering spouse among younger and older adults
TABLE II-11 Willingness to pay for long-term care benefits covering spouse among older adults by gerontographic cluster
TABLE II-12 Willingness to pay for long-term care benefits covering parent(s) among older adults
TABLE II-13 Willingness to pay for long-term care benefits covering parent(s) among younger and older adults
TABLE II-14 Willingness to pay for long-term care benefits covering parent(s)among older adults by gerontographic cluster
TABLE II-15 Use of supplemental/long-term care insurance to pay post- retirement expenses among older adults
TABLE II-16 Use of supplemental/long-term care insurance to pay post-retirement expenses by gerontographic cluster
TABLE II-17 Preferences for sources of information regarding new insurance services among older adults by age
TABLE II-18 Preferences for sources of information regarding new insurance services among older adults by gerontographic cluster
TABLE II-19  Reasons for patronizing insurance companies among older adults
TABLE II-20 Reasons for patronizing insurance companies among younger and older adults
TABLE II-21 Reasons for patronizing insurance companies among older adults by age
TABLE II-22 Reasons for patronizing insurance companies among older adults by gerontographic cluster
TABLE II-23 Patronage preferences for nontraditional insurance providers among older adults
TABLE II-24 Patronage preferences for nontraditional insurance providers among younger and older adults
TABLE II-25 Patronage preferences for nontraditional insurance providers among older adults by age
TABLE II-26 Patronage preferences for nontraditional insurance providers among older adults by gerontographic cluster
TABLE II-27 Preferences for methods of purchasing insurance services among older adults
TABLE II-28 Preferences for methods of purchasing insurance services among younger and older adults
TABLE II-29 Preferences for methods of purchasing insurance services among older adults by gerontographic cluster
TABLE II-30 Reasons considered before buying various types of insurance by phone or through the mail among older adults
TABLE II-31 Reasons considered before buying various types of insurance by phone or through the mail among younger and older adults
TABLE II-32 Reasons considered before buying various types of insurance by phone or through the mail among older adults by age
TABLE II-33 Reasons considered before buying various types of insurance by phone or through the mail among older adults by gerontographic cluster