While most agree that trying to sell a Long Term Care Insurance Policy can be very time consuming and disappointing, knowing that someone is able to preserve assets and avoid family stress because they have Long Term Care Insurance, is certainly very rewarding.
A daughter, that cared for her aging and widowed Mother while trying to raise an infant and care for 3 other children, made up her mind that she was never going to have her grown children in that situation. Although she tried to secure Long Term Care Insurance for herself and her husband, her husband did not qualify due to health reasons. She knew that she was probably going to have to use their savings to care for her dear husband and did not want to see their savings further depleted if she needed long term care. She proceeded to purchase a policy.
Her husband later suffered a stroke and she became his 24/7 caregiver. Fortunately, he passed in their home, at age 73, and had never needed facility care. She continued to pay the premium for her Long Term Care Insurance Policy and, although she questioned the increases in premium that came over the years, she already appreciated what this type of insurance would mean to her children.
At age 83, she moved to independent living in a continuing care facility. At age 88, she had a fall and was hospitalized. Upon discharge, it was decided that she should move to Assisted Living. After 30 days, the Long Term Care Insurance picked up the cost, future policy premiums were waived and because her policy included meaningful inflation protection, the benefit was such that the care in Assisted Living pulled less from her savings than the monthly fee for her independent living apartment.
At age 90, a stroke left her with right sided weakness which resulted in a move from Assisted Living to Skilled Nursing, where she was put on hospice care. The Long Term Care Insurance and hospice care continued to cover the majority of expenses thereby allowing her life-long savings to hold strong.
Having Long Term Care Insurance allowed this woman’s children to see that she was properly cared for, without having to juggle who was going to perform the many daily tasks involved in caring for an aging parent. The relationship between her children and their families was not strained by the burden of trying to manage the stress that she once handled when caring for her mother and husband.
This very wise woman planned early for the final stages of her life. She contacted a reputable insurance professional who made sure that if she ever needed to use the Long Term Care Insurance Policy that her benefits would be meaningful. She paid more in premium to have 5% inflation protection and a 30 day waiting period; however, after being on claim, what the insurer paid in benefits far exceeded the premiums she had paid. Her children saw first-hand that Long Term Care Insurance is a very important part of financial planning and they obtained policies.
An agent that takes the time to educate their clients about the value of planning for their future long term care expenses by recommending shorter waiting periods and a meaningful inflation protection option is not only going to avoid a future E&O claim; they will have planted the seeds for future clients.