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It Takes More Than Money to Buy Insurance

It takes more than money to buy insurance

As with any type of planning, building in flexibility and asking “what if” questions is important. I believe I help place safety nets underneath clients to protect them today and tomorrow.  I realize some clients can’t or won’t purchase long-term care protection today.  I find that time and experience can help change the perspective of a client.  The problem with insurance is that you need to have good health and money to buy it.  Below is a unique way to protect your clients’ ability to get a long-term care option down the line if they decide to wait. 

What do you do when “what if” becomes “what now”?

Mary buys a 30-year term policy for $1,000,000 at age 40 that includes this unique rider.  5 years later Mary is hit by a car and paralyzed.  Mary would be able to exercise this rider to help pay for care.  Mary will start to receive benefits after she is diagnosed as unable to perform 2 of the 6 activities of daily living.  She will receive $12,000 per month until her entire death benefit is exhausted.  If Mary didn’t face trauma and lives a long life, she has a guaranteed right for long-term care protection no matter how much her health has deteriorated along the way.  If she decides she wants life insurance protection for longer than 30 years she is guaranteed that right as well. 

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