Understanding the Primary Reasons Why People Choose Long-Term Care Coverage from Essential Plans
After looking at the people who bought their long-term care coverage from Essential Plans, these are their primary reasons:
– Adult children putting a parent into care: They see the financial burden the cost of care creates on their spouses and other loved ones and don’t want to pass it on.
– Single women with adult children: The don’t want to have one of their children giving them a bath or feeding them.
– Adult males with younger wives: their cost of care could burn though all of the money leaving their spouses without financial resources.
– 45-to 75-year-old people with expiring term life insurance policies. Hybrid long term care insurance comes with life insurance.
– People engaged in writing their wills and trusts. Preparation for end-of-life planning comes with a financial safety net created by insurance.
– People with assets. Their money has intended purposes other than long term care. Insurance protects that money by repositioning some of the rainy-day fund.
– People who understand that the cost of long-term care insurance increases with every year and that a medical event in later life may prevent them from getting coverage.