~Jay Scheiner, CEO of ASG
Lydia, an 83 year-old client of our office, recently went on claim for Long Term Care (LTC).
She asked her insurance advisor to explain how her claim will work – how she will be paid – how much – and for how long.
This is how I suggested Lydia’s advisor explain her LTC policy to her:
Lydia, you have a 6-year contract for a job that pays you $12,500 per-month ($150,000 per-year) tax-free.
Since you have “indemnity” and not “reimbursement” insurance, The XYZ Insurance Company deposits the money into your account each month.
It does not matter that your assisted living and other expenses are only $9,000 per-month – you get to keep the difference!
All you have to do not to get fired from this job is to keep on breathing!
So… it’s very good incentive to take really good care of yourself – and it’s a truly outstanding retirement job.
The purchase of this insurance 25-years ago was an excellent financial decision!