Protecting Those Who Care For OthersJulie Brooks
Women often try to find the right balance between juggling careers, spending time with family, and caring for loved ones.
With women living longer, and providing more caregiver services, they become more vulnerable to long-term care issues.
Now is the perfect time to increase your focus on existing and potential female prospects to expand your LTC Insurance business.
How You Can Help:
Women may spend their entire lives taking care of other people. You can help them create strategies to plan for their future and help protect their retirement assets. An LTC Insurance policy can help protect their assets and help them maintain independence in the future.
To increase your reach and help your female clients take the first step to long-term care planning, consider these scenarios:
- Married Couples: Husbands often need care first, leaving less assets for the wife to use for her own care. Review your clients’ long-term goals to ensure both parties have a care plan for the future.
- Same-Sex Couples: Current financial planning rules can make it tricky to access a partner’s assets when care is needed. Help your clients design a plan to share each other’s benefit dollars.
- Widowed/Divorced: When a woman becomes divorced or widowed and has no children, there may be no one to take care of her. Almost 70% of women age 75 or older are widowed, divorced, or never married, compared to only about 30% of men. Explain to your female prospects the value of Long-Term Care planning and how a policy can help them protect their future.
- Adult Children of Aging Parents: In helping adult children with their own LTC planning, they can purchase coverage and have access to our Caregiver Support Services Benefit, which is a great source for advice and helpful information should a long-term care event arise for an uninsured family member, especially Mom.
Reasons to Plan:
- 60% of LTC Insurance policies are issued to women, indicating that women are acknowledging the need for care.
- 80.6 years is the current life expectancy for women. The current life expectancy is 75.2 years for men.
- Over 1 million women are in nursing homes; versus only 400,000 men.
Expand Your Target Market
Look for local women’s organizations in your area and consider hosting an LTC planning seminar to educate women on the risk of not having a plan and the comfort of having one.
Our expert team can offer advice on discussing Long-Term Care with women and how to approach their concerns. Contact us today to learn more.