By Anthony DeGregorio, Zenith Marketing
One-fourth (25 percent) of women, compared to 11 percent of men, said they would not leave an inheritance to their children because they expect to need it to fund the cost of their healthcare.
Sounds familiar, doesn’t it? Ready to be shocked even more?
Only about half (55 percent) of survey respondents have a financial plan that accounts for the cost of their own long-term care and healthcare expenses, and far fewer (17 percent) have a financial plan that addresses support and long-term care needs of parents or other aging relatives.
These insights were gleaned from U.S. Trust’s “2012 Insights on Wealth and Worth” – an in-depth, annual survey of high (and ultra-high) net worth Americans. It’s pretty safe to assume that if ultra-wealthy Americans are less-than-informed about their healthcare and long term care needs, most of our regular clientele might need a little guidance in this area as well.
With the advent of the Affordable Care Act, the intricacies of healthcare costs, Medicare planning, and long-term care strategies are clashing with the traditional methods of estate planning – we see it on the news and in the papers every day.
The good news is that banks already possess the tools they need to make the most of this situation. When banks use a planning approach and products such as life insurance, long-term care, and linked contracts, banks stand to realize the tremendous opportunities that arise from having these discussions with clients.
Read the full U.S. Trust report.
Participate in an upcoming Best Practices Panel on life insurance, "Got Life? Creating New Revenue Streams from Life Insurance"
Also, don’t forget to stop by and visit Zenith Marketing’s booth at the upcoming ABIA annual conference - Connect with the Best in Bank-Insurance.