Breast cancer is one of the two most common cancers diagnosed in women (the other being skin cancer) and most life insurance brokers have encountered a client with this cancer or most certainly will. Thankfully, with the expanded awareness throughout our population, early detection of the cancer has increased treatment in early stages which has improved the odds of survival. Additionally, advances in treatment protocol have slowed the death rates.
As generations change, so do the needs and fiscal behavior of the clients you see. Some clients have a great financial acumen and are able to properly execute discussed plans down to the last detail; however, as financial literacy becomes less popular in academia, we see a rising trend of consumers who focus on living day to day. While there is hope for a more prosperous future, there is rarely a plan in place to see it come to fruition.
Creating Flexible Charitable Legacies
As people age, their level of altruism has a tendency to increase and often we see an intense desire by clients to leave some sort of charitable gift behind. Whether it is to further the funding of causes they feel passionate about or to help make a general difference in the world, clients often express a desire to make a change in the world toward the end of their life and rely on advisors to assist in the planning. Sadly, many retirees are having a harder time making their money last long enough through retirement to feel that they can adequately provide additional financial support to the causes they believe in. Often the solution can be found inside of traditional life insurance products.
According to the American Diabetes Association, 30.3 million people have been diagnosed with diabetes and the numbers continue to rise as generations age, causing a headache for some financial professionals when it comes to locating proper life insurance coverage for their clients. When working with older clients, it can be difficult to find an affordable policy; however, combining that with less than ideal health issues can often create hurdles difficult to overcome.
As financial professionals take on new challenges with a generational shift in the overall economy, it is vital that they look past the two people sitting in front of them and look down the line to the children as well. Often advisors get caught up in what the client needs in the moment and leaves it there, but very few take it further to ensure that the people they are trying to protect from financial hardship after losing a loved one are equally insured.
LTC in the News
The word is spreading. Major news outlets are letting the American people know the importance of long-term care (LTC) planning. Are you? Here are a few recent third party articles.
- LifeHealth.com – Millennials: A Gateway to Parental LTCi?
- ThinkAdvisor.com – Long-Term Care Insurer Pain May Hit More Companies
- ThinkAdvisor.com – New BPC Report Suggests Fixes to LTC Financing Challenge
- LifeCareAssurance.com – Visualizing a Long-Term Care Insurance Plan
The benefits of life insurance policies – namely the secure financial future they offer – are well-documented, but a new report from Forbes reveals that more Americans are using such coverage to make charitable donations.