Most have us have heard more than once in our lives that “the rich get richer and the poor get poorer”. If you have relatives who lived through the Depression, that could certainly ring home. Did you ever really consider the validity of that statement? How would the rich get richer or the poor get poorer? A college education? Not necessarily. A good job? Not if the person spends it as soon as the check is in the bank. A good financial advisor? Probably. If you were to ask a financial advisor what he/she would recommend to make you one of the “rich”, you might hear the words savings, real estate, good credit, a Trust, a solid Will or insurance. That’s right, insurance. Think about it, if you’re out of work due to a Disability, how long could you pay your bills without a Disability policy in place? Before I read the statistics, I thought a Disability resulted from an accident. I was wrong; the highest percentage of Disabilities occurs from muscle/bone disorders like Arthritis, Herniated Disks, back pain, etc. The average LTD claim lasts 2.6 years. Think about that the next time you wake up with a sore back.
I recently wrote some checks for two funerals and easily spent $12,000 each for no-frills services and a less than opulent cemetery. Thankfully, one of the deceased had a Life insurance policy that helped pay for those expenses plus some extra for costs associated with attorneys, selling of a home and outstanding mortgages and debts.
In order to avoid putting my family in a difficult position as I age, I recently purchased a Life policy with a Long Term Care option. If my husband or I need Long Term Care, we can use the entire face amount of the policy for those expenses and still have $10,000 as a Death Benefit. Many people think of their children as their Long Term Care plan for the future but American children don’t necessarily share that vision. Americans are living longer and caring for a parent with special needs might not be something a child wants to tackle.
To alter Visa’s slogan, “the cost of insurance each month, annoying; the peace of mind that comes from protecting myself and my family, priceless”. Whether it’s Life insurance, Disability or Long Term Care, the price of peace of mind could be less expensive than you think.
My goal is not to end up a rich old lady but a stress free, comfortable old lady. We each have different goals and there are different paths for achieving them. If you’d like some assistance in realizing your goal, please contact us today.