Being well into my third decade in the financial services industry, We’ve become aware of an almost universal concern for clients of the Gen-X age and the older Baby Boomers who ask, “How am I going to pay for long term care?” Almost everyone over the age of 60 has had personal experience with an older relative or friend that needed some kind of assistance with what are commonly known as “Activities of Daily Living”. It is uncomfortably common for people needing this assistance to end up spending down, either partially or totally, assets that they’ve worked a lifetime to accumulate. Interestingly enough, it doesn’t seem to matter how much someone is worth, the concern that they don’t want this to happen to them is amazingly consistent.
The Case for Life Insurance by Bob Larkins, CLU, ChFC
Barbara is a 75-year-old widow with a $300,000 non-IRA annuity that she bought years ago for $200,000. She lives very comfortably on social security and distributions from a $600,000 IRA. When asked about her purpose for the annuity...
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Barbara has an identical twin sister, Brenda. She told her about the new life insurance policy that will pay for her long-term care expenses, and Brenda would like to have the same protection. Brenda does not have an annuity like Barbara...
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