As an insurance professional offering long term care coverage, there’s no doubt you’ll come across clients who believe such a product doesn’t apply to them. Such reticence is understandable, as no one likes to think there will come a day where they may need assistance with everyday tasks like bathing, dressing and eating. This is especially true of younger clients.
However, the data shows just how vital LTC insurance can be for individuals. In fact, 68% of men will require long term care during their lives. That number is even higher for women – who typically have longer life spans – at 79%.
While approximately 20% of women and 30% of men will not require this type of care in the future, is this a gamble your clients are willing to take? The costs associated with long term care are high, and such expenses can easily eat into wealth that was intended to be passed on to loved ones. Figures show that, on average, women need at least 3.7 years of LTC. Meanwhile, men will require an average of 2.2 years of LTC.