Life Insurance for the Living: Chronic Illness Concerns for Baby Boomer Clients
- By Jake Bailey
- June 17, 2016
As the Baby Boomer generation ages, many are planning for their future health-related expenses, as well as life insurance.
Many have already had to pay out-of-pocket for their parents care. Even more have had to provide that care themselves.
The Scan Foundation did a study of how long-term care expenses were handled and found the very startling results included in the chart below.
The U.S. spends nearly $725 billion per year on chronic illness care. Most of the care is provided by family members.
To put that number in context the unpaid family caregiving expense is roughly equivalent to the entire GDP of Belgium! There is no doubt that those expenses will only increase as the largest age demographic in America today gets older.
Most of your clients and prospects will not qualify for Medicaid assistance because they have too many assets.
So how will they afford a long term need for care?###
Most people will have a need for care during their lifetime and yet somehow everyone thinks they are the exception to the rule.
Life experience is shattering this illusion. Price increases and coverage decreases have taken hold of the traditional LTC market.
It is time to look for new ways to solve this problem.
We want to equip you to bring value to your clients by sharing ideas that are working for other advisors. When it comes to long-term care, everyone wants to be independent and to protect themselves and their families from potential conflict. They want to avoid fights over who will take care responsibility.
And they want to plan for how it will be paid for. Yet, many people hesitate because they do not know what the best option for their family is.
Click below to watch our recent webinar where we discussed products with benefits for the living.
We equip you with questions that lead to sales, information to re-frame the discussion, and ideas that will create sales you are currently missing out on.