One version of the saying is, "The cobbler's children have no shoes." Another version is, "The cobbler's children's feet go bare." However the saying is worded, the meaning is that, a lot of the time, "Do as they say, not as they do."
Or, to put it in a more concrete fashion: People in a certain field often do a lousy job of applying the lessons they have learned, or should have learned, in that field to their own households.
1. Retirement advisors are not always perfect at filling out LTC surveys.
At one point in the survey, the senior advisor survey participants were asked whether they had private long-term care insurance (LTCI). The participants who had LTCI were supposed to say they had it and go on to another question.
2. There are pockets of unmet need for advice everywhere.
About 57 percent of the advisors who said they have no private LTCI coverage said they think the product is too expensive, and seven said they don't think they'll need it, for whatever reason. But a few of the advisors without LTCI coverage — people who may well have been in training programs with scores of agents and would-be agents who were being told, "Go out and find 20 good prospects for our products!"— had a different answer.
Four of the advisors said they have no private LTCI mainly because no one's tried to "sell it to me."
3. Some older advisors lack LTCI coverage because they are uninsurable.
Eight of the 74 senior advisors who have not bought LTCI — and answered a question about their reasons — said they have no LTCI coverage because they are uninsurable. The participants weren't asked when they became uninsurable.
4. Some advisors say they'll pay for LTC services out of 401(k) money.
About 15 percent of the participants who answered the question, "How would you pay for a long-term care event in your family?" gave the answer, "Dip into my 401(k)."
5. Some advisors are getting their LTC plans from Lady Luck.
About 32 percent of the survey participants who said they have no LTCI, answered a question about how they would pay for the care with the response "other."