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Who’s going to take care of mom and dad?
Help your clients manage the financial impact of caring for aging parents by encouraging them to develop a detailed plan with their family and support network. Now is the perfect time to reach out to your Gen X clients as they gather with loved ones for the holidays and start thinking about their financial priorities for the year ahead.
Unique concerns for Gen Xers
Born between 1965 and 1980, these clients are saving for their own retirement and setting aside funds for their children’s education. But the costs related to caring for aging parents are also a key concern.
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Annual costs average $50,000 for those receiving care at home and $100,000 for care in a nursing home.1
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Caring for a family member can be expensive. On average, caregivers spend 26% of their personal income on caregiving expenses.2
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53 million Americans are providing unpaid care for family members, with an annual value of $470 billion. 20% of caregivers have been forced to leave the workforce entirely, while another 44% have gone from full-time to part-time employment.3
- Many elder care services are not covered by Medicare and “Medigap” plans.
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By 2033, more than 11 million seniors aged 75 or older will need support services, but won’t be able to pay for it or qualify for Medicaid.4
Show them you’re ready to help
Let your clients know you have products designed to meet the needs of the “sandwich generation” — those juggling financial concerns for themselves, parents and children. With life insurance and fixed annuities from Sagicor, you can help them create a diverse portfolio that offers mom and dad the care options they may need while protecting family assets across multiple generations. Although Sagicor’s products are not long-term-care insurance, they can play an important role in protecting your clients as they age.
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