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October 05, 2008 at 04:00 PM
How can selling long term care insurance differentiate you and your business?
Did you know that:
o Over 21% of women surveyed by Genworth plan to buy LTC insurance in the next 3 years?
o Protecting themselves against unforeseen circumstances is one of the top 4 financial concerns for women, according to the same study?
o The typical family caregiver is a 46-year-old woman who has at least some college education and provides more than 20 hours of care a week for her mother, according to the AARP?
If you’re a broker looking to set yourself apart in the marketplace, long term care insurance targeted to women could be your signature product. Women are an important market segment. They play a key role in making health and financial decisions for themselves and their families.
A vital planning strategy
Long term care is a critical issue for women, who are likely to be caregivers as well as recipients of care. Of the 23 million people in the United States who provide substantial amounts of unpaid care, 70% are women, the AARP reports. Of those who provide constant care, the percentage jumps to 80%.
LTC insurance is a vital but underused strategy in planning for a retirement that meets the clients’ needs without draining their resources. It is also important for safeguarding the financial well-being of women still in the workforce, who could become caregivers for elderly parents or other relatives.
Women are also disproportionately likely to need LTC. Of nursing home residents who are 75 and older, 77% are women.
