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On children’s motives to influence parents’ long-term care insurance purchase: evidence from Switzerland

Author

Listed:
  • Christophe Courbage

    (University of Applied Sciences Western Switzerland (HES-SO))

  • Guillem Montoliu-Montes

    (University of Applied Sciences Western Switzerland (HES-SO)
    University of Lausanne)

  • Joël Wagner

    (University of Lausanne
    University of Lausanne)

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 dependents. Adult children may therefore 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-reported interest about LTC insurance, whether elderly parents live with their children and if the latter have 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 children’s motives for influencing their parents to purchase LTC insurance, which are classified as either altruistic, i.e. related to parental well-being, or self-interested, i.e. related to the child’s well-being. The results offer valuable insights for both policymakers and insurers when designing public LTC policies and LTC insurance products.

Suggested Citation

  • Christophe Courbage & Guillem Montoliu-Montes & Joël Wagner, 2023. "On children’s motives to influence parents’ long-term care insurance purchase: evidence from Switzerland," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(1), pages 102-129, January.
    • Handle: RePEc:pal:gpprii:v:48:y:2023:i:1:d:10.1057_s41288-022-00273-7
    DOI: 10.1057/s41288-022-00273-7
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