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What is the chance?6/28/2018 Words can sometimes never express what a picture can. I have told clients before that it is important to protect themselves against a Long Term Care Risk. I can tell them the chances of needing long term care versus other life risks such as having a fire. The picture above tells the story perfectly.
Most of us have home insurance to protect against a fire. You buy the house, it is a valuable asset and you want to protect it against loss. The picture above shows us that we have a 1 in 1200 chance of your home having a fire. If we drive a car we need to have it insured. However, what the chart shows above is that you have a 5 in 1200 chance of totaling your car in an accident. These risks are minimal but yet we all buy the insurance to protect against the loss. Now the last image shows us the chance of needing long term care. That is, the odds we will have a life event, causing us to need nursing home or in home care. Those chances are 720 in 1200. That is a 60% chance of needing coverage which can cost close to six figures a year for a nursing home stay. My life is committed to helping others. To me, every person I get to invest in long term care coverage, I am doing a huge service. I can look in the mirror as well as look at my son and say I am doing what is necessary to make a difference in peoples lives. I have a friend, he is only in his 40's, his wife was diagnosed with an awful disease. She had no long term care insurance. He has tapped into their assets and it has been devastating to him financially. Please don't wait until it is too late to make a difference in your life and protect your assets and family. Please contact me for more information. Michael
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