On the Motivations for Purchasing Long-Term Care Insurance: Protecting Bequest and Unreliability of Family Care

Sylvain Botteron, Christophe Courbage () and Joël Wagner
Additional contact information
Sylvain Botteron: Geneva School of Business Administration, University of Applied Sciences Western Switzerland (HES-SO), Rue de la Tambourine 17, 1227 Carouge, Switzerland
Christophe Courbage: Geneva School of Business Administration, University of Applied Sciences Western Switzerland (HES-SO), Rue de la Tambourine 17, 1227 Carouge, Switzerland
Joël Wagner: Department of Actuarial Science, Faculty of Business and Economics (HEC Lausanne), University of Lausanne, 1015 Lausanne, Switzerland

Risks, 2024, vol. 12, issue 8, 1-13

Abstract: Family considerations are known to influence the decision to buy long-term care (LTC) insurance. This paper uses a Swiss survey to identify the characteristics of individuals willing to purchase LTC insurance, either to protect their children’s bequest or because they cannot rely on family for care. First, it shows that the presence or absence of children plays an important role in the two motivations for buying LTC insurance. Second, it shows that individuals from the French-speaking part of Switzerland and those with lower self-perceived health are more likely to buy LTC insurance because of the unreliability of family care. On the other hand, individuals with higher self-perceived health and those with a right and center political orientation are more likely to buy LTC insurance for reasons of bequest protection. The results provide insights into designing more targeted strategies to promote LTC insurance.

Keywords: long-term care insurance; family care; bequest (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-9091/12/8/124/pdf (application/pdf)
https://www.mdpi.com/2227-9091/12/8/124/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:12:y:2024:i:8:p:124-:d:1450547

Access Statistics for this article

Risks is currently edited by Mr. Claude Zhang

More articles in Risks from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().