LTC of Critical Concern for Baby Boomer Voters, Genworth Financial Poll
RICHMOND, Va., Oct. 27 /PRNewswire-FirstCall/ -- Eighty-four percent of baby boomers say the presidential candidates' positions on long term care issues and funding will be an important factor in determining how they cast their vote in November, according to a national survey of more than 800 registered voters ages 45 to 64 sponsored by Genworth Financial, Inc. (NYSE: GNW).
According to the poll, conducted mid-September 2008, 41 percent of respondents said the candidates' positions on long term care issues and funding are "very important," 18 percent said "important" and 25 percent said "somewhat important" in deciding how they will vote. The survey, released in tandem with the beginning of National Long Term Care Awareness Month, specifically reveals:
-- More women than men (88 percent versus 79 percent) said they considered the issue of long term care at least somewhat important in determining how they will vote.
-- Voters with lower household incomes found long term care policy and funding issues more important in their election decisions than those with higher incomes, with 93 percent of those earning $35,000 - $50,000 per year claiming an impact on their vote compared to 78 percent of those earning $75,000 or more per year.
"Given the uncertain nature of the current economic climate, future financial security is of paramount importance to this generation," said Buck Stinson, president of Genworth Financial's long term care insurance business. "The rising cost of long term care and the shortage of caregivers in this country have made finding quality, affordable long term care a challenge for countless American families. Voters in the mid-forties to early sixties age group want to know that the candidates share their concerns."
According to the U.S. Department of Health and Human Services (HHS), 70 percent of Americans who reach their 65th birthday will have to pay for some kind of long term care services. Today, only 8 million Americans have purchased long term care insurance yet 76 million baby boomers* are on the cusp of potentially needing this type of protection. Costs continue to escalate for these types of services, having reached an average national cost of $76,460 for one year in a private nursing home room, according to Genworth's 2008 Cost of Care Survey.
"Amidst economic uncertainties, purchasing long term care insurance from a trusted leader in the industry is one thing consumers can do to ensure their future long term care needs are covered without having to spend their hard- earned savings," Stinson continued. "It's more important than ever that this type of protection be an integral part of each individual's overall financial plan."
Consumers interested in getting additional information about long term care planning can visit http://www.mylifemyfamily.com/. Consumers interested in getting additional information about the cost of care can visit http://www.Genworth.com/CostofCare or call 888 GENWORTH (888 436-9678).
About Long Term Care Insurance from Genworth Financial
Genworth Financial's Long Term Care Insurance business helped pioneer the development of long term care insurance in 1974 and has been an industry leader ever since. Long term care insurance is underwritten by Genworth Life Insurance Company, and in New York, by Genworth Life Insurance Company of New York, Administrative Offices: Richmond, Virginia. For more information, visit Genworth.com/longtermcare.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500 global financial security company. Genworth has more than $114 billion in assets and employs approximately 7,000 people in 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com.
Opinion Research Corporation conducted the survey. Findings presented are from a telephone poll conducted among a national probability sample of 825 registered voters aged 45-64, living in private households in the continental United States. Interviewing was completed during the period September 18-22, 2008. Completed interviews were weighted by four variables: age, sex, geographic region, and race, to ensure reliable and accurate representation of the total population. The margin of error for results based on all 825 registered voters aged 45-64 is plus or minus 3.5 percentage points.
*American Association for Long-Term Care Insurance, 2008 LTCi Sourcebook
|SOURCE Genworth Financial, Inc.|
Copyright©2008 PR Newswire.
All rights reserved