Q. Robert, my wife and I recently applied for Long-Term Care coverage. I was accepted but she was denied. We were told that this was from a recent hip replacement. My question is, do you think we even need Long-Term Care? We are both 62 years old and not sure if it is even worth it considering how high the premium was going to be. – Ron in Winston-Salem
A. Ron, I hate to sound like a broken record, but it would be very hard for me to tell anybody whether they should invest in a Long-Term Care policy without first meeting with them. I would need to know more about your current financial situation. Long-Term Care is extremely important; however, it can be too costly for some and for others they may not need it due to having enough funds to pay for care without leaving the family devastated.
Also, there are some life insurance and annuity products that have Long-Term Care riders with little or no health underwriting. Let us know if you would like more information on this.
We are having some Financial Workshops at Outwest Steakhouse on May 17 and May 22. If you are interested in attending, please call the office at 336.993.2012 for more information and to make reservations.