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Bob has been a licensed long term care agent for 19 years. In that time he has helped thousands of people solve their long term care problem.
When asked what are the most frequent concerns of his clients he says that he most often hears that clients want to protect assets either for a surviving spouse or as a legacy for children and grand-children.
He makes the observation that when someone purchases a policy that they are not only protecting assets but they are achieving peace of mind for all concerned. Parents need not worry that they’ll be a burden for their kids, and adult children of aging parents need not worry about how they’ll be able to maintain their lives in the face of a need for long term care being experienced by their parents.
He says that his mother is his “poster-child.” She lives in West Virginia where Bob was raised, and has been receiving long-term care benefits for 9 years. She has been able to maintain an independent life-style through the home care benefits of her policy. For Bob, he has been able to move through his life without fear that his mom isn’t being properly cared for.
When asked about the cost effectiveness of a long-term care policy, he remarks that
a person might have a policy for many years before they need care, since the average purchaser is in their 50’s while the average age of needing care is around 78. Yet, when they need care – for as little as 7-8 months – they hit the break-even point.
He remembers his mom telling him after 7 months of care that she was “into the insurance company’s pocket.” When asked what she meant, she showed him her notes, indicating how much total premium she had paid for he policy during her years of ownership, and that at the seven month point the insurance company had paid as much for her care as all the premiums she had paid. As Bob observes, “having received benefits for 9 years, she’s deep into the insurance company’s pocket”, and in a world where the average long-term care event is 3 to 4 years, for a client to be able to break even in less than a year makes owning a policy a logical approach to retirement planning.
