Did You Know?
Ninety percent of couples will be impacted by long-term care at some point in their relationship.
Eighty percent of males that require long-term care are married, yet eighty percent of women that require long-term care are not married. This makes sense given the fact that women typically live longer than men. More importantly though, the wife is the caregiver in most cases, and when the husband passes away due to a long-term illness or accident the wife is left alone to fend for herself.
Seventy-nine percent of all women that reach age 65 will require some form or another of long-term care before they pass away.
Seventy percent of all adults over the age of 65 will require long-term care.
Long-Term Care Insurance Facts
Those that purchase Long-Term Care Insurance (LTCI) will recoup their investment within the first ninety days of a claim, no matter when the plan was purchased.
Hybrid LTCI policies offer life insurance and long-term care insurance in one policy. Whether an individual believes they will never need long-term care or not, no one believes they will never pass away.
There is an old adage… “One parent can take care of six children, but six children cannot take care of one parent.” Children move across the country when reaching adulthood, life gets busy, and fewer children are being born. The days of the Waltons are over. Purchasing an LTCI policy while reasonably healthy is a prudent decision. At a minimum a hybrid LTCI/Life policy should be part of everyone’s retirement plan.