So the familiar story goes, ‘I have enough money. I don’t need Long Term Care Insurance’.
If you have that kind of money, you got it by being smart with your assets, right? Congratulations.
Here is a little quiz: If you knew there is a 70% chance that your house was going to burn down, what would you do?
Load up on insurance, right!
Now, if there is a 70% chance that you are going to need help with bathing, dressing, meal preparation and other activities of daily living, you probably assume that you will pay those bills out of pocket, right?
Here is another little quiz: If you repositioned $100,000 in a tax free bond fund that earned 6% you would have about $220,000 in ten years.
Now put that same 100 grand into a hybrid long term care policy where you have access to it for whatever, if you died without needing care, the money goes to your named beneficiaries, or have $400,000 to cover a long term care expense. Of course, the results are dependent on age and health status, but the math works out in most cases.
The attached article articulates in detail how long term care insurance works for successful people.
Read more: Costs of Long Term Care
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