Women can face challenges in obtaining LTCi

Although women often have a critical need for long-term care insurance, it's often not easy for them to get it.

Three financial professionals recently shared a few reasons why LTCi is especially important to women, the challenges they sometimes face when trying to get it and some steps that agents can take in their attempts to sell it to them.

Why LTCi is critical for women

LTCi is especially important for women, said Jennifer Mann, vice president at Lenox Advisors and a 22-year Million Dollar Round Table member. While individual circumstances vary, women may face particular long-term care planning considerations, including longer average life expectancies and the possibility of needing care after a spouse or another support person is no longer available, she said.

Katherine Robbins, a sales consultant with LTCI Partners, pointed out that everyone should have LTC coverage in place. However, she said, this protection is especially important for women. As she explained it, women often outlive their spouses, leaving them with greater long-term care exposure.

And without a policy in place, women often deplete their nest eggs while caring for an ailing spouse, leaving them with diminished financial resources and no spouse to care for them when they have their own a long-term care event.

“The financial and physical strain shifts responsibility to their adult children, friends or extended family. Without long-term care coverage, women have no clear path to cover their own care needs,” she said.

Challenges women face

One of the biggest challenges Robbins sees when working with women who want to put LTCi coverage in place is figuring out how they will pay for it. “The cost of LTCi for women is much higher than it is for men because women live longer and use LTC services more often,” she said.

Another challenge is sorting through the available coverage options, Robbins added. “Today’s LTCi market includes a variety of carriers and products, and without trusted guidance, it can be confusing to determine what type of coverage and how much coverage to consider,” she said.

The underwriting process can also present challenges to many women, added Robbins. Health issues specific to women that affect insurability include osteoporosis and certain types of cancers.

“Depending on their health history, women who are eager to purchase LTC coverage may find they are not eligible because their health falls outside an insurance company’s underwriting guidelines,” she said.

Mann sees the biggest challenge as people waiting too long to seek coverage. Waiting to explore coverage may reduce the options available. Changes in health can affect eligibility, and premiums generally may be higher when coverage is purchased at older ages. Availability, underwriting, benefits and cost vary by insurer and individual circumstances. “Early education is the key,” she said.

Juli McNeely, president/financial planner at Financial Clarity by Design and a 19-year MDRT member, also described the underwriting challenges women often face. She said that LTCi, as with any insurance product, has an underwriting process. If the application is submitted when the woman is younger and healthy, that certainly takes some of the worry away.

McNeely also mentioned the price factor. “If you are older and unhealthy when the application is submitted, then cost becomes a bigger factor,” she said.

Another challenge is understanding what the policy will cover and what would happen if coverage is not secured, McNeely said.  “I really don’t believe that most people realize the true cost of care … typically, so much more than the cost of the premium,” she said.

Helping women obtain coverage

What are some of the steps that agents can take to help women obtain LTCi?

“I think you need to start with understanding their situation,” McNeely said. “Where do they live now? Are they alone or with a spouse/partner? Are the children nearby? Are they able to assist with care or do they have the desire to do so?”

Also, “review finances and discuss how care would be paid for,” McNeely said. “Discuss what types of care exist and what the preference would be. Most importantly, listen. We have a tool we use called a Care Plan, which allows the client to document what type of care they desire and what are the important details of how they want to receive care.  Planning ahead can make such a difference in providing such peace of mind not only for the female client, but also for their loved ones.”

Mann suggests that agents should approach client conversations on an individual basis. A productive discussion can include the client’s potential care preferences, family or community support, financial resources, health, eligibility and the range of available planning options, she added.

“The conversation may include who could be available to provide support, where the individual would prefer to receive care, how family members might be affected and what resources could help address potential care needs,” she said.

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Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at amseka@INNfeedback.com.