On children’s motives to influence parents’ long-term care insurance purchase – Evidence from Switzerland
Details
Serval ID
serval:BIB_CBB7FB31691E
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
On children’s motives to influence parents’ long-term care insurance purchase – Evidence from Switzerland
Journal
Geneva Papers on Risk and Insurance - Issues and Practice
Publication state
Published
Issued date
2023
Peer-reviewed
Oui
Volume
48
Pages
102-129
Language
english
Abstract
Long-term care (LTC) is not only a concern for elderly individuals but also for their adult children as the latter often provide financial support and informal care to their elderly dependent parents. Therefore, adult children might have strong incentives to have their parents purchase LTC insurance. Using data from a 2019 Swiss survey, this article first identifies a set of variables, including self-reporting interest about LTC insurance, living with their children and having provided informal help with personal care, which help predict the interest of adult children in having their parents covered against LTC risk. Second, it investigates the main characteristics of the motives for children to influence their parents to purchase LTC insurance, being classified either as altruistic motives, i.e. related to parental well-being, or as self-interested motives, i.e., related to the child’s well-being. Results offer valuable insights for both policy makers and insurers when designing public LTC policies and LTC insurance products.
Keywords
long-term care insurance, adult children, informal care, bequest
Pubmed
Open Access
Yes
Funding(s)
Swiss National Science Foundation / Projects / 100018_169662
Create date
04/04/2022 9:04
Last modification date
26/06/2024 7:25