Q. Robert, does your firm sell long term care insurance? My wife and I have been looking into this, however I feel my health history would not qualify me for coverage. My wife is in excellent health. Do you think the cost of purchasing a policy is worth the benefit that may be received? – Mike in Colfax

A. Mike, purchasing any insurance product is nothing more than trying to protect assets. Most people would not sleep well if they knew their homeowners insurance had lapsed, and most of us would be terrified to drive if we knew our car insurance had expired. Purchasing insurance is like buying “peace of mind coverage.”

Yes, we do handle long term care coverage. However we also use some different types of policies that a lot of people are not familiar with. The Pension Protection Act of 2006 gave insurance carriers more options to providing Long Term Care coverage than they had in the past. You can now purchase Long Term Care Riders on some Annuity and Life insurance products. The cost for the riders are a fraction of what typical Long Term Care policies charge. The best thing about most of these riders is there are no health questions. Some of the life insurance products are also 100% liquid. These are products that a traditional life or long term care sales agent does not utilize. But we use them a lot in estate and retirement planning.

Remember, there is no single financial product that is right for everybody. But with comprehensive planning with a competent advisor you can find “peace of mind” for your financial future.

Keep the questions coming at rdcooper@globalfinancialpc.com.

Call the office at 336-993-2012 for your complimentary consultation with Robert.

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