Protect Against Poverty
Long-Term Care - a commentary
Tedd Teeter, CLU, ChFC
Community BancInsurance Services, Inc.
“If I’d a known I was gonna live so long, I’d taken better care of myself.”Leon Eldred
We all know the real-life scenario: One day you are healthy and the next a massive stroke/heat attack/Lou Gehrig’sdisease (you get the picture) has occurred to you. Your costly medical bills will be covered but your income is lost because you can’t work any longer. Plus expenses have now increased by at least $3,000per month because you need nursing care. It’s a triplewhammy.Expenses go up, income goes down. You are really, really sick. Death would be better but, remember, you were horse-healthy so you may live a long time like this. Not a very pretty picture, indeed.
It can happen to you. Life has a way of blasting you when you least expect it, and no one is immune.
Statistics show the biggest risk we face later in life is the chance of needing long-term care (LTC) in some form: home, custodial, or skilled. The leading causes for claims are strokes, cancer, neurological disease, and trauma,withthe average group claimant aged just 54! Clearly, protection is not just for seniors. Disability income-protection plans only cover loss of income. Group medical insurance does not cover chronic long-term stays nor does Medicare. All of us need long-term care insurance!
We don’t plan on failing, we just fail to plan. LTC may be the final type of insurance we need to add to our portfolios. I’ve had many customers note that these policies are good buys with huge benefits for a small premium.
Personally, I have maintained a LTC policy since the time I could buy it. I want control with independence and to maintain dignity without placing a burden on my children, all while protecting my assets from going to a nursing home.Fortunately, I was healthy back then and could qualify.
For stand-alone policies it’s your good health that allows you to buy the policy while your money just pays the premium. But the group plan available to CBAI member bankers is guaranteed issue to employees —poor health is not a factor.Great rates are extended to family members and, while underwritten for them, the rates are far lower than individual policies. Family can even care for you at home and be paid without being affiliated with a home health-care agency and without submitting receipts! All the other benefits are included:respite care, bed reservation, equipment purchase, domestic partners andinternational coverage!
LTC is not just a family issue. It’s a societal issue as people go on welfare.We all need to do the right thing and purchase coverage. Purchasing LTCis not an emotional decision but a logical one.
CBIS PLAN HIGHLIGHTS-
- Feels just like an individual plan without the high price;
- Guaranteed renewable;
- Three year initial rate guarantee;
- Waiver of Premium included;
- Unlimited coverage as an option;
- Inflation benefits as an option;
- Return of Premium as an option;
- Guaranteed issue for all employees in banks with over 15 lives;
- Guaranteed issue possible for 10-15 lives based on demographics; and
- Coverage is portable — employees can take the policy with them after separation maintaining the same rate structure.
Call CBIS today for a quote and protect the people you love and who depend on you. Contact me at 800/736-2224 or .