If you’ve encountered strong resistance to the idea of buying long-term care (LTC) insurance from your clients, particularly female clients, you’re not alone. A recent national survey by AARP of boomer-women found that this cohort’s attitude toward LTC could leave them exposed to the risk.
According to an article from Helen W. Brown of AARP Knowledge Management, research has shown that, in the past, getting people to make long-term care (LTC) plans is a challenge, and this may be particularly the case for boomers.
A common belief is that they will live in a society in which prevailing attitudes, demography, economics, and medical advances have made the prospect of growing old in America one that contains previously un-dreamt-of choices of managing chronic illnesses and remaining active and involved in life. This mindset could lead boomers to believe that they will never have a need for LTC.
Key findings of the study revealed:
o More than half of the boomer women (53%) have not had any experience with care giving. Just over one-third (36%) had provided care or are currently providing for an aging relative. Those who have been caregivers are twice as like to have some kind of LTC plan (16%) as those who have not (8%).
o Most respondents (56%) indicated that they did not have any type of LTC plan. However, those who have made at least one kind of plan (family, legal, or financial) are more likely to have made additional plans.