“To Insure or Not Insure Is That a Question?”


“To Insure or Not Insure Is That a Question?”

Statistics show that 70% of people over age 65 today will require some form of long-term care during their lifetime. The reason that I write this column every week is to help those seven (7) out of ten (10) families prepare for the life-changing events that are ahead for them. I want to inform and educate families on how to avoid bankruptcy and the loss of their acquired assets. 


Did you know the excessive cost of healthcare, including long-term care, is the number one reason for bankruptcy of the elderly; it is unfortunate, but true. It would be wonderful if folks understood the importance of planning for their elder years in their younger years. My mom used to say,” old too soon and smart too late.”   


 Did you know that you can purchase a life insurance policy and add to it a long-term care insurance rider? For those families looking ahead, and unable to pay the high premiums associated with long term care insurance, this hybrid life insurance product may be their answer. It is like having your cake and eating it too.


The premium for a hybrid life insurance product is higher than a conventional whole life policy, but much less than a long-term care insurance policy. It may be just the insurance product that seven out of ten families need to avoid becoming a bankruptcy statistic. 


To insure or not insure. Is that a question knowing the statistics? 


Bye for now,

Bren


QUIZ: What is an Accelerated Benefits Rider? 


Answers to last week’s quiz: A “durable medical power of attorney” is the same as a “medical power of attorney,” but the “durable” part signifies that the power of attorney remains valid even if the 

designating person becomes incapacitated.

Get more detailed answers to last week’s QUIZ question or for broad questions that you may have, please call me:  773-817-0601 or 773-819-1700

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation


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