LTC Almanac, part 2

These are facts that I sprinkle throughout my presentation and in casual elevator comments.

The first set pertains to the most important reasons for long term care planning, which I discuss at the beginning of my client meeting. If they don’t believe that they need this protection, the sale is not going to happen.

I use the information I gleaned throughout the rest the presentation. (I have included the number as a FYI – when talking about this, I am using such words as most or many.)

• To not have to be a burden on my family - 65 percent.

The biggest worries were:

• Putting financial pressure on my family - 58 percent;
• Interfering with the lifestyles of my family members - 44 percent;
• To be able to afford quality care in the setting I choose - 51 percent;
• To protect my spouse’s or loved one’s quality of life and future security - 48 percent;
• To protect my assets - 23 percent.

The second set of sprinkles pertains to caregiving. Many of my prospects are now witnessing firsthand the challenges of caregiving – whether it is their own parents or relatives or friend’s parents. The beginning of my presentation includes asking questions about their caregiving experiences.

These facts can be used for sprinkling:

Primary Caregivers(2)

• Average age: 53
• 42 percent care for a mother;
• 14 percent care for a father;
• 12 percent care for a spouse.

Financial Impact(2)

• 88 percent said their household income was reduced by an average 34 percnet due to their long term care event;
• 60 percent reported a need to cut back on family expenses after a long term care event;
• 63 percent reduced their savings by an average 61 percent.

Sources

1. “Our Family/Our Future – The Heart Of Long Term Care Planning,” Genworth Age/Wave Study, 2010
2. ”Beyond Dollars,” Genworth Study, March, 2012
3. 
   

Want more helpful facts to sprinkle throughout the LTCI conversation? To download an additional article, please visit my website.