For those advisors who have sold LTC Insurance, they know the most likely purchasers are middle age females who have had personal experience with caregiving. The least likely people to buy LTC and single men who have no concept of caregiving and vow they will never be in a position where they will be dependent.
In addition, many people who can afford to self-insure for the cost of LTC buy insurance anyway. Why? Because they understand the impact that a long-term care event will have on their family, and having an additional resource to help will be a huge help to the family.
Critical Illness is similar. Although I have great health coverage that will cover heart attack, cancer, or stroke I realized buyng criticall illness coverage would give me and my family breathing room and the freedom to:
- Replace income from my working spouse who may have to take time our for caregiving
- Help my business partners who will allow me to have a leave of absence
- Allow me to pursue second medical opinions and experimental treatment outside of doctor networks
But what triggered the purchase was personal experience with a friend who's spouse had a stroke and needed to take time of work for care - it was a reminder of how quickly a bad day can change everything.
The premium I'm paying will give my family breathing room. I also saw a recent 60 minutes episode abou the cost of cancer drugs http://www.cbsnews.com/news/the-cost-of-cancer-drugs/ and realized I wanted more control over care.
Why did I buy $101,000 of coverage as opposed to $100,000? It's because the carrier I purchased through medically underwrites plans for premiums above $100,000. I was able to use good health to get a significant discount off on a simplified underwritten plan. Finally, the plan I bought has a loss of independent living benefit trigger that can supplementt LTC coverage.
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