New research reports that many people feel disconnected from the individuals they will be in the future and this impacts their willingness to save for retirement or undertake long term care insurance planning.
According to Jesse Slome, executive director of the American Association for Long-Term Care Insurance, new research reported in the June 2013 edition of the Harvard Business Review offers insights that can be beneficial to insurance and financial professionals who market long term health care insurance.
“If you imagine your birthday next year, you’ll envision the scene as if you were looking out with your own eyes,” Slome shared with West Coast insurance professionals. “But if you are asked to imagine your birthday in 20 years, some people won’t picture an older version of themselves and these people are more likely to avoid issues related to planning.”
Slome shared findings from the research findings. “Scientists found that digitally altered photographs helped people relate to important matters like saving for retirement,” Slome explained. Researchers used photo altering tools to show people images of themselves at older ages. “Those who actually saw older images of themselves set aside 6.8 percent of their pay for retirement on average versus 5.2 percent who were shown pictures of their current selves,” Slome reported.
A number of companies already are using this technique to help people understand and relate to the issue Slome notes. Merril Lynch is using some of the photo altering technology on it’s website.
“It is important to help people really picture what life in their future may be like,” Slome advised. “And how their aging will affect their family and loved ones.” The national long term care insurance expert noted that far too many people fail to understand that planning for long term care can’t begin after age 70. “It has to start in ones 50s and 60s when there is still time to plan and options such as insurance are still available to folks,” Slome advised.
For long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization’s website or call 818-597-3227.
LEARN MORE ABOUT LONG-TERM CARE INSURANCE PROTECTION. Get a free, no obligation quote for Long-Term Care Insurance from the American Association for Long-Term Care Insurance. Click here now!
INSURANCE AGENTS. SELL MORE LONG-TERM CARE INSURANCE PROTECTION. Visit the Association's Online LTC Learning, Marketing & Sales Center. Click here now!
HAVE YOU HEARD ABOUT CRITICAL ILLNESS INSURANCE? Learn more from the American Association for Critical Illness Insurance. Click here now!
MEDICARE SUPPLEMENT INSURANCE COSTS
Click here to learn more!