Long-Term Care Case Study
Mid-sixties couple, retired with a couple of million in reserves. They have two children and a new grandchild. They are primarily motivated to ensure that they will not become a burden when they get older. They see long term care insurance as a way to get their wish and apply for coverage.
But wait. He is approved but she is declined. What to do?
He decides to take his coverage. He reasons that he is more likely to need help later on. If statistics are to be believed, he will need 2.8 years of home, assisted living or nursing home care. That will put their savings at risk and, more importantly, place a burden on his wife and maybe his children and maybe even his grandchildren.
Like so many of my long-term care insurance clients, it’s their love for their family that makes them want the coverage important enough to actually do something about it.