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LTC Protection and Women

3Generations-Women

When you speak with your female clients, do you truly emphasize the importance of planning for future care?  Do you stress that, more often than not, the caregiving role is taken on by a woman, and that they will most likely live long enough to need care themselves?

These truths make it extremely important that you are addressing the long-term care needs of your female clients!

Unfortunately, too many people think “it won’t happen to me”.  Well, here are some statistics:

65% – the percentage of Long-Term Care Insurance claims paid to women over men. Of this, the majority of those claims paid for home care and were opened over age 80.

Women provide the majority of care. \
Today, 7 in 10 unpaid caregivers are women, mostly wives and adult daughters.

  • Women who spend 9+ hours a week caring for an ill or disabled spouse double their risk of coronary heart disease
  • Women don’t abandon their caregiving responsibilities because of employment but they lose an average of $25,484 in Social Security benefits, and some $565,000 in lifetime earnings and $67,000 in pension benefits

 Women live longer than men.
As a result, women are more likely to reach an age where they will need long-term care.

  • Women over the age of 65 are twice as likely to be living alone
  • Women over the age of 65 include 980,000 nursing home residents versus 337,000 men

Ask your female clients: “What will happen if and when you need care?” “Who will provide it?” “If you have to hire caregivers, how will the cost impact your savings and assets?”

Look at it this way – how would an extra bill of $50,000 – $100,000 a year impact your clients’ retirement? 

Be the long-term care insurance expert for your clients – we can help answer your questions and get your clients the affordable protection that best suits their needs!

*Statistics published by the American Association for Long-Term Care Insurance

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