How many times have you heard that if you build a better mousetrap…? What do most people hate buying more than anything else? Insurance… it’s usually expensive and you lose it if you do not use it. And yet, one hopes to never need to use it!
First the facts of long term care (LTC) and how many baby boomers and retirees will need it… as a nation we are all living much longer. It is not unusual to see active seniors well into their late eighties and early nineties. Medical miracles and advancements have greatly increased the number of years we each have on this earth. Yet it is likely that nearly 1 out of 2 Americans will require some form of living assistance and long-term care. You are invited to contact us for a copy of your free 2014 Alzheimer’s Report.
The most recognizable form of care is needed for dementia or Alzheimer’s disease. Anyone who has cared for a family member with dementia or knows someone who provides care, it is utterly devastating on everyone involved. Baby Boomers are hit the hardest today; we are known as the Sandwich Generation, because we are left responsible to care for our aging parents and more often than not, simultaneously caring for our children!
There are many illnesses or injuries that could require round the clock assistance or monitoring. Women generally have a higher risk for needing long-term care because they simply live longer than men. However, lifestyle and even race plays a large role in who will require long-term care. Worst part… in the past it was crazy expensive.
Until today, the typical buyer of long-term care insurance was a senior because they were the only group that had excess funds to afford coverage. Now there is no good reason to not have coverage. New hybrid annuity vehicles that provide a long-term care benefit if needed and give you a monthly lifetime check are readily and cheaply available.
Another challenge was that seniors are typically not renters; they are owners. And a long-term care insurance policy was something that wasn’t always used completely and money was often left on the table. A hybrid investment such as the ones we are talking about here provide for income for retirement, and income multiplier should one need long term care and a death benefit for the heirs of the senior needing care after they have gone. We know this sounds too good to be true; but what do you have to lose in finding out how these cool new hybrid tools could work for you.