AXA Equitable Provides Long-Term Care Protection Tips in Honor of National Long-Term Care Awareness Month
November 06 2017 - 11:08AM
Business Wire
AXA Equitable, a leader in providing financial security and
retirement products, released today important tips from nationally
recognized gerontologist Dr. Sandra Timmermann to help people
complete the retirement puzzle with long-term care protection.
Several focus areas are highlighted, such as assessing the
current living situation and anticipating future needs, to help
provide a framework around planning for a secure and enjoyable
future. Some suggestions include:
- Don’t put off a family
conversation. Greater numbers of people will need long-term
care as longevity rates increase. It is estimated that 52% of
Americans who reach age 65 will need some form of long-term care
support1. The time to initiate this conversation is when you are
healthy and independent – starting a dialogue early will pay off
both for you and your family.
- Plan for possible cognitive
incapacity. Elderly people who become frail or cognitively
impaired may ultimately lose control of the ability to execute
their affairs on their own, so it is important to consider that
possibility early in the retirement process. One out of ten people
over age 65 have dementia and the ratio increases to about one in
two after age 85.2
- Evaluate your home to see if it is
“age friendly.” 87% of adults age 65+ want to stay in their
current home as they get older.3 One of the major benefits of
long-term care coverage is that it can enable people to stay at
home longer or until the end of life, so it is important to
evaluate how your housing needs might change over time.
- Get to know other resources
available in your community. As more people focus on remaining
at home as they age, more community-based services are springing up
around the country. Towns, cities, and states often provide a range
of low or no-cost services such as transportation to doctor’s
appointments, home delivered meals, and adult day care.
- Review your retirement plan to make
sure the cost of care is covered. Take time now to calculate
how much long-term care will cost and how it will impact your
retirement finances, and start the conversation early with your
financial professional. Planning in advance for the possibility of
needing long-term care in the future can help you focus on building
an enjoyable and fulfilling life in retirement.
“One of the most important and least discussed elements of a
retirement plan is long-term care protection,” noted Dr.
Timmermann. “It is essential to have those difficult discussions
early to protect your and your family’s assets and ensure that you
are able to age where and how you desire.”
AXA and Dr. Timmermann announced a collaboration earlier this
Fall to deliver materials around aging issues for financial
professionals to use with their clients. Dr. Timmermann’s areas of
expertise include retirement life stage issues and connecting the
dots between aging at home and long-term care protection.
”We often hear that clients are concerned about their future
care needs but don’t know where to start or what benefits long-term
care protection can provide,” said Trey Reynolds, Head of Life
Distribution for AXA in the US. “At AXA, we see the retirement
journey on a multidimensional level, going beyond just the
financial aspects, to include overall wellbeing. Our work with Dr.
Timmermann allows us to provide clients with the tools and
resources needed to think holistically about their personal
journeys.”
With longevity rates increasing, the conversation around
long-term care is more relevant than ever. It is also important for
people to consider the impact it may have on their
spouse’s/partner’s and/or children’s financial security. Long-term
care protection via a rider on a life insurance policy, such as AXA
Equitable and MONY Life Insurance Company of America’s Long-Term
Care ServicesSM Rider4, can provide cost effective coverage for
potential long-term care needs. One of the most competitive and
flexible long-term care riders in the industry, our Long-Term Care
ServicesSM Rider requires no receipts; has features that may help
clients keep pace with rising long-term care costs; doesn’t allow
the policy to lapse while claims are being paid; and allows a
client’s condition to be temporary.5
GE-130824 (10/17)
About AXA
The Long-Term Care ServicesSM Rider does have an additional cost
and is subject to restrictions and limitations. Clients may qualify
for life insurance, but not for the Long-Term Care ServicesSM
Rider. The Long-Term Care ServicesSM Rider is paid as an
acceleration of the death benefit.
“AXA” “AXA” is a brand name of AXA Equitable Financial
Services, LLC and its family of companies, including AXA Equitable
Life Insurance Company (NY, NY), MONY Life Insurance Company of
America (AZ stock company, administrative office: Jersey City, NJ),
AXA Advisors, LLC, and AXA Distributors, LLC. In business since
1859, AXA Equitable Life Insurance Company is a leading financial
protection company and one of the nation’s premier providers
of life insurance and annuity products distributed to
individuals and business owners through its retail distribution
channel, AXA Advisors, LLC (member FINRA, SIPC) and to the
financial services market through its wholesale distribution
channel, AXA Distributors, LLC (member FINRA, SIPC).
AXA S.A. (also referred to as “AXA Group”) is a
Paris-headquartered holding company for a group of international
insurance and financial services companies, including AXA Equitable
Financial Services, LLC companies. AXA S.A. is a worldwide leader
in financial protection strategies and wealth management with 103
million clients in 64 countries. AXA S.A. has been ranked the No. 1
insurance brand in the world by Interbrand for eight consecutive
years as of Oct. 5, 2016.
The obligations of AXA Equitable Life Insurance Company and MONY
Life Insurance Company of America are backed solely by their
claims-paying ability. Find AXA
on Facebook, Twitter and LinkedIn. For more
information, visit www.axa.com.
1 U.S Department of Health and Human Services
(https://aspe.hhs.gov/basic-report/long-term-services-and-supports-older-americans-risks-and-financing-research-brief)
2 Alzheimer’s Association. https://www.alz.org
3 AARP Public Policy Institute, “What is Livable? Community
Preferences of Older Adults,” April 2014
4 The Long-Term Care ServicesSM Rider does have an additional
cost and is subject to restrictions and limitations. Clients may
qualify for life insurance, but not for the Long-Term Care
ServicesSM Rider.
5 Not applicable in CT and NY.
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version on businesswire.com: http://www.businesswire.com/news/home/20171106005994/en/
For AXA EquitableJennifer Recine,
212-314-2009jennifer.recine@axa.us.com
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