The Need to purchase long term care insurance

By Rodney Jones

 

  If you are undecided about whether long term care insurance should be a part of your financial portfolio, then meet Bob and Ann.  Bob was the CEO of a nation-wide grocery chain.  He retired with a comfortable pension and a healthy portfolio of secure assets.  Upon retirement Bob and his wife of 50+ years, Ann, were looking forward to traveling the world and enjoying the rest of their lives together. 

  Shortly after retirement, Ann became ill with cancer and went downhill quickly.  Bob immediately called me to ask about the long term care policy I had persuaded them to purchase to protect the income and assets that they had worked a lifetime to accumulate.  I informed Bob that Ann’s benefits from Medicare and her supplemental insurance were limited and his decision to purchase the long term care insurance was a good one.

  Approximately 2 weeks later I received another call from Bob saying Anne had just been admitted to the hospital.  He again asked me to re-affirm that if Ann needed extended care, that her long term care policy would pay for this care.  Again I shared with Bob not to worry, that Ann had full coverage, and everything would work just the way we had planned.  Bob was relieved and shared with me that he would not be able to take care of her at home.  Soon Bob called me to inform me that Ann could no longer feed herself, bathe or dress without assistance.  Ann was moved to a nursing home facility.  I contacted the facility and coordinated for Ann’s benefits to begin.  The facility required Bob to pay over $30,000 up front before her long term care policy claim was even filed.  After several months in the facility, Ann’s long term care policy paid out several thousand dollars for Ann to receive excellent care.  The long term care policy prevented Bob from having a stressful financial crisis, while allowing him to concentrate on his bride during the last days of her life.  Bob would call me almost daily to inform him of the payments being sent to the facility.

“Rodney, I don’t what I would have done without the long term care policy that you sold to us, thank you.”  said Bob S.

Even to this day, Bob calls me to thank me for convincing him to purchase a long term care policy.

The need is real. The protection of financial ruin is real. This is why I sell long term care.

 

  Now let’s meet Jim and Sharon.  When I met with Jim and Sharon, Jim was 63 and looking forward to retirement. Sharon was just a bit younger and also looking forward to Jim’s retirement so they could spend more time together and travel.  Jim was an Account Executive at a Fortune 500 company.  They lived in a beautiful home in an upscale neighborhood.  Jim was very active and liked to cycle.  He and Sharon would often spend the weekends at special cycling events around the country.  With no children at home, Sharon would often go with him.  When I met with Jim and Sharon, they felt with Jim’s excellent pension and their accumulated assets they did not feel that long term care insurance was necessary right now. 

I specifically remember Jim saying “I am not going to a nursing home.”  We agreed to meet in a couple of years to put Jim on Medicare and a Medicare Supplemental plan.  Well, shortly after Jim’s retirement, I received a phone call from Sharon requesting a meeting.  Which we did.  Again, I stressed the issue of long term care insurance, but was shot down again.  Approximately three months later after Jim’s retirement, I received a call from Sharon that Jim was in the hospital, he had a stroke and was paralyzed on one side of his body.  His cycling days and their retirement dreams had both been shattered.  Sharon kept in touch with me with hopes that Jim would recover and everything would be fine. 

I didn’t think much more about Jim’s situation until about three months later when I received another call from Sharon with a much deeper concern in her voice.  She informed me that Jim had been moved to a home and they advised her that Medicare and her supplemental insurance were done paying for their part and that she would need to start paying over $8,000 per month if she wanted Jim to stay in the facility that he was already settled in.  Sharon vividly said, “I can’t care for him in our home and I don’t want to move him into another facility.”  She then asked me, “How long do I have to pay this kind of money?”

  I sadly replied “As long as he is there or you run out of money and he goes on welfare.” 

  There was a silence on the phone, I told her I was sorry and we ended the call.  Approximately five years later I received a call from Sharon.  Jim had passed away and she had depleted most all of their assets, including their nice home and she was living with her daughter and son-in-law.  The sadness in her voice from the loss of Jim and the financial ruin put an empty eerie feeling in my stomach.  She shared with me that she missed Jim, her home, her privacy and her independence.

  Any prospects or clients that I meet with, I share that the most financially devastating events that can happen to them at this stage of their lives is “the cost of long term care”. 

  Here are:-

The Top 3 Reasons Why Individuals Purchase Long Term Care Insurance:

• Family - they want to insure they won’t become a physical or financial burden to their families.

• Nest Egg - they want to protect the assets they’ve worked a lifetime to accumulate.

• Home - they intend to stay at home as long as possible and want to avoid going to a nursing home.

 

 

About Rodney

 

  Rodney Jones helps his clients to see and achieve their financial goals.  He was brought up in a blue collar manufacturing culture where the norm was to graduate from high school and work at the foundry like past generations, but Rodney had greater ambitions.  Rodney attended Southern Illinois University and Butler University.  In 1990, Rodney earned his designation of Life Underwriter’s Training Council and began educating clients and professionals on insurance and finances.

Rodney owns two business entities, RL Jones Insurance Group and RL Jones Financial Group.

Both of his successful businesses are centered on the philosophy:  “If you have the desire to protect and grow your assets, then he has the desire to show you how.”

Rodney has helped several hundred clients to protect their assets and reach their financial goals. Rodney’s clientele spans from small business owners to laborers and their families.

Rodney is a highly sought-after speaker and trainer.  He was selected as one of America’s Premier Experts® and has been on several media outlets including highlighted appearances on ABC, NBC, CBS, and FOX affiliates.  He has also been selected to participate on several Advisory Boards of Fortune 500 companies.  Rodney balances his time between his clients and educating professionals in his field.  You can connect with Rodney via email, rjones@gordonmarketing.com or via phone, 317- 626-4902 or 1-800-388-8342 Ext.302.