Only 4% of long-term-care costs were paid by private insurance in 2004, while 32% of such costs were paid out of pocket (Source: Congressional Budget Office, 2007).
Approximately 64% of respondents to a recent survey indicated that they had a problem with a family member over dividing the belongings of a deceased relative (Source: Journal of Financial Planning, October 2007).
Although none of these items are covered by a standard homeowners insurance policy, 33% of respondents to a recent survey thought flood damage was covered, 51% thought damage from water-line breaks was covered, 35% thought earthquake damage was covered, and 34% thought mold damage was covered (Source: National Association of Insurance Commissioners, 2007).
Almost 60% of majority shareholders in family businesses are age 55 or older, while 30% are age 65 or older. However, less than 30% of these owners have succession plans and less than 40% have identified a successor for the business. Approximately 25% think the next generation of family members are not competent enough to take over the family business (Source: Journal of Financial Planning, October 2007).