My mom has been living by herself since my dad passed away. That was almost exactly 6 years ago. My mom has always wanted to stay in her own home. It wasn't a huge place, but a nice 3 bedroom ranch with a screened porch and small yard where she could putter around. My mom has been doing pretty well. You know, exceptionally well for a woman with a little leukemia and also a lady that is legally blind. I won't even go into the heart issues that this strong 90 year old woman deals with.
Well, no need to go into all of the details. Suffice it to say that she got sick, went into the hospital and also 4 weeks in rehab. Now, we have moved her into an assisted living facility. This is a beautiful senior community and she will be very safe, have more social interaction and all of us feel better knowing mom is in good hands. Oh, the price for a place like this when you have certain ailments that require some assistance in the acts of daily living? Let's just say north of $5000 per month. Fortunately, my mom and dad were frugal and she will be able to handle this, even though they did not have long term care coverage. So, what is the purpose of this backdrop? Let me continue.
I have two questions for you Mr/Ms Advisor...
- Can your clients handle this if they had to go into a community like this?
- Do they have the assets and how long will they last?
I am confident that the vast majority of people could not do this. And, the vast majority do not have long term care coverage. Yes, I know it is expensive and the costs continue to rise.
But, there is another answer: Asset based coverage. A life policy, or an annuity policy with enhanced benefits or accelerated death benefits if you choose a life policy. These products are perfect and should be flying off of the shelves. There is streamlined underwriting on many of these plans. Plus, we have the presentation, the products and the training to help you help your clients. And, the more help you provide, the more money you make. What a business!
So, how about meeting with your clients in a review and ask them what they are going to do about mom (or dad). "And, what are you going to do Mr./MS Client if this happens to you?” Then present the solution. Looking for help? Give our office a call at 1-877-844-0900 and we will get you up to speed on these products.
Until next time… good selling!
Raymond J. Ohlson, CLU, CRC, LACP
President and CEO of The Ohlson Group