As my own mother is aging and needing more assistance in her home, my brother and I are beginning to explore various long term care facilities for her and my stepfather. I am so glad that a decade ago she and I decided that she should invest in Lincoln’s MoneyGuard Long Term Care product. This product is a combination of a cash value life insurance policy and traditional long term care insurance.
Every aspect of handling our aging parents’ futures can provoke tremendous stress. We are often in denial about their increased vulnerability as well as their reduced decision-making abilities. We, as children, are suddenly placed in the role of caring for our parents, who for many until only recently were our caregivers. This exchange of roles intensifies not only our parents’ feelings of helplessness, but also our own feelings of guilt.
Women are becoming more educated about personal finance then ever before. We are climbing the ladder to the top of all professions, caring for elderly parents, sending our children to college and managing investments and real estate. However, there is still a gender divide in personal finance; many women feel nervous about managing their own money, defer to their husbands on all investment decisions or feel uncomfortable asking what they think will be “dumb” questions about investing. There is an enormous need for financial education that is accessible to women, as they are hungry for the knowledge they need to manage the issues that are arising in their lives. Our natural instinct to protect our families and ourselves needs to be applied to our own financial life. We are in charge of our own future, and the same concern we have for our loved ones we must have for ourselves.