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I recently did a seminar at an assisted living facility that was VERY nice. It was like living in a luxury hotel. The day I was there they has steak and lobster for lunch (it was a special day.)
One very elderly lady was asking a lot of questions about LTC policies and Penn Treaty specifically. I told her I had never sold one but I knew they would accept some health conditions that other companies would decline.
Turned out she was living there under the benefit of her Penn Treaty policy. She had paid $575 per month for years on that policy and from what I could gather she had never been very wealthy at all. She scraped to make the premium each month and couldn't afford to do lots of things her friends were doing. But now she lives good.
Who ever sold her that policy did a good job. I don't know how long the benefit period is but while it lasts she is living well. If she would have died without ever needing assisted living, it would have been money down a hole but that's the choice she made and it turned out good for her.
Our job is to make sure they understand their choices. Let them decide if it's important to them or not. Make sure they understand the premium can increase in the future. Make sure they understand the problem if they don't take 5% compounding inflation protection.
But we can never be 100% sure what we recommend will be correct for them. We don't know how long they will live or live healthy.
All we can do is give them the options.
One very elderly lady was asking a lot of questions about LTC policies and Penn Treaty specifically. I told her I had never sold one but I knew they would accept some health conditions that other companies would decline.
Turned out she was living there under the benefit of her Penn Treaty policy. She had paid $575 per month for years on that policy and from what I could gather she had never been very wealthy at all. She scraped to make the premium each month and couldn't afford to do lots of things her friends were doing. But now she lives good.
Who ever sold her that policy did a good job. I don't know how long the benefit period is but while it lasts she is living well. If she would have died without ever needing assisted living, it would have been money down a hole but that's the choice she made and it turned out good for her.
Our job is to make sure they understand their choices. Let them decide if it's important to them or not. Make sure they understand the premium can increase in the future. Make sure they understand the problem if they don't take 5% compounding inflation protection.
But we can never be 100% sure what we recommend will be correct for them. We don't know how long they will live or live healthy.
All we can do is give them the options.
