Under 65; You may need Long Term Care
Most people think that Long Term Care Insurance (LTCi) is needed for senior citizens, or, very elderly grandparents. Not true.
A recent study by Unum, which provides 75% of group long term policies, found that almost half (46%) of group policy owner claimants in 2007 were under 65.
So, if you are under 65, then one out of every two people in your office will have a long term insurance claim. That is a 1 chance in 2. Yet, people are afraid of dying in a plane crash – the odds of the plane crash death are I in 25 million.
In our above examples keep in mind that one is death (plane crash) and the other can be a living death (long term care needs).
- The study also found the average claim for LTC was for 31 months. Since you will not be working if you are under long term care, do you have money to replace your salary, AND, pay for the care which average $2,000 to $15,000 per month? Remember your disability coverage does not cover this.
- The average age of claimants under 65 was age 53. While 6 % of UNUM group claimants were under 45.
- Two thirds of LTC claims were for care at home.
- The leading claim was for brain and nervous system injuries.
So, I hope you finally see with a 50% chance of needing this coverage and with high costs of coverage it is time to get serious about this coverage.
Contact me if you need ideas or have questions in this area at (713) 871-5919 or email: Darlyn@fgmci.com.
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