5 minute read
The Hybrid Life Insurance with LTC Connection: A Valuable Benefit for Women
By Wendy Boglioli
It’s time for the collective financial services industry to help more Americans, especially women, take charge of this part of their financial futures and give them more options for long term care planning.
Each week at BuddyIns, as we strive to inform more American employers and associations about the importance of planning for long-term care, particularly for women, we host educational sessions for employees and association members. These sessions focus on group hybrid long-term care with life insurance, raising awareness about how this dual-benefit option can ease the financial burden on families in times of need.
This educational effort is crucial, as recent industry trends show a growing interest in long-term care benefits. According to a Buck survey, 66% of employers plan to address long-term care benefits in the coming year, recognizing their importance not just for older adults but also for the labor market and younger generations. This is particularly important for women since we are the majority of family caregivers.
As an Olympic gold medalist and a veteran in the long-term care insurance (LTCI) industry for 27 years, I have witnessed the significant impact of long-term care needs for women. Working women face multiple responsibilities, including employment and caregiving challenges, while juggling various responsibilities. This includes being employed outside of their home, caregiving responsibilities for family and loved ones, and being among the 4 in 10 women who are the primary breadwinners in their families. This juggling act is becoming increasingly common, with more than 1 in 6 Americans working full-time or part-time reporting that they assist with the care of an elderly or disabled family member.
I have also personally witnessed the unfortunate circumstances of women passing away during their working years without the benefit of life insurance for their loved ones. It is heartbreaking to see a family scramble during that crisis. The immediate struggles with funeral expenses, mortgage payments, and then, of course, the day-to-day living expenses can be overwhelming. And for my recently deceased friend, who was a single woman and the primary breadwinner, not having life insurance left her dependents with very little financial support.
Enter life insurance with long-term care benefit. When I talk to employees about the importance of insurance options, I have noticed that men seem to hear the value of long-term care insurance, while women genuinely understand its significance. However, it’s puzzling that women are not as focused on the life insurance aspect of the available hybrid plans. In my discussions with women, they tend to perceive life insurance as expensive, although it’s worth noting that women generally pay far less than men for life insurance due to lower risk. Women often view life insurance as a luxury or prioritize other financial responsibilities, such as saving for retirement, ensuring they can support themselves if they are unable to work, and having the means to pay for long-term care without burdening their children.
Additionally, accessibility may also be a factor, which is one of the main reasons why the hybrid life insurance with LTC benefit is so attractive in the workforce as a group policy. This solution addresses and removes all of these concerns. Several group carriers, including Chubb and Trustmark, offer guaranteed issue options along with simplified issue for spouses or higher issue ages, unisex pricing, portability, and age-saving benefits. When it comes to hybrid life insurance with LTC benefit, the savings to women when compared to traditional products can be quite compelling. Plus, life insurance may cover through age 121 - another solid feature. This accessibility is particularly important, as the adoption rate of long-term care insurance by employers remains relatively low.
According to SHRM’s 2023 Employee Benefits Survey, only 20% of employers offer long-term care insurance. However, the trend towards hybrid policies is gaining momentum, attracting a younger and lower-income demographic compared to traditional standalone LTC insurance.
The importance of these hybrid policies extends beyond individual benefits. They’re increasingly seen as part of a broader financial well-being offering for employees. This aligns with data showing that nearly 7 in 10 working adults report they would perform better at work if their employer offered more financial wellness benefits. Moreover, these group policies can help address gender equity in insurance, as women often pay 20-40% more than men for equivalent policies in the individual market.
It’s time for the collective financial services industry to help more Americans, especially women, take charge of this part of their financial futures and give them more options for long term care planning. A hybrid life insurance product with a long-term care benefit can be a game-changer. Let’s empower more companies to offer this valuable dual-benefit insurance product. It’s an opportunity to provide peace of mind for more families.
California Broker is pleased to have a collaborative relationship with Buddy Insurance, a leading long-term care insurance education, marketing and technology company. CEO Marc Glickman and his specialists will collaborate with health and life insurance professionals to help design LTCi options. Learn more about LTCi and refer clients — or learn how to write your own LTCi policies using Marc’s system.
CONNECT to Buddy Insurance LTCi PORTAL HERE:
Group: www.buddyins.com/program/calbroker/group
Individual: www.buddyins.com/program/calbroker/
Wendy Boglioli is a featured speaker, long term care expert, healthy aging advocate, and Olympic gold medalist. Boglioli brings professional versatility and captivating insight to audiences across the country. Her positive message and riveting personal story encourages everyone to take a holistic approach to their physical and financial outlook.
As a BuddyIns partner, Boglioli focuses on educating financial advisors, agents, and consumers about the power of a long-term care plan.
425-785-3218
