Arthur Rudnick
Guru
- 1,652
Comment:
And THAT folks is all you need to know.............
Genworth Report
- Thread starter Arthur Rudnick
- Start date
Comment:
And THAT folks is all you need to know.............
Mr. Rudnick,
I must tell you that the average guy on the street does not even think about LTC. Never mind insurance. I am considered a well educated person. I have a doctorate degree and am around a lot of educators. I would not have known about LTC unless an agent who I knew spoke with me about it a few years ago. When I speak with my colleagues, they don't have a clue.
So I am not surprised by the 90%, but heck, I bet there are high percentages of people who don't have life insurance either. The average person either can't afford all of these insurances or it's not a priority for them because they are trying to survive. Living is so expensive nowadays. We pay for water. AIR for car tires, and if one tried to eat healthily, it costs you and arm and a leg to do so. If you look at all of the costs needed for insurance for a person trying to be responsible, it can be overwhelming. There is car insurance, home insurance, health insurance, disability insurance, life insurance and long term insurance. These are all pieces coming from a paycheck that in most cases is overextended.
So as a person not involved with your industry but as a consumer, I believe that the average person could not care less about long term care because they are busy trying to survive in the short term.
I must tell you that the average guy on the street does not even think about LTC. Never mind insurance. I am considered a well educated person. I have a doctorate degree and am around a lot of educators. I would not have known about LTC unless an agent who I knew spoke with me about it a few years ago. When I speak with my colleagues, they don't have a clue.
So I am not surprised by the 90%, but heck, I bet there are high percentages of people who don't have life insurance either. The average person either can't afford all of these insurances or it's not a priority for them because they are trying to survive. Living is so expensive nowadays. We pay for water. AIR for car tires, and if one tried to eat healthily, it costs you and arm and a leg to do so. If you look at all of the costs needed for insurance for a person trying to be responsible, it can be overwhelming. There is car insurance, home insurance, health insurance, disability insurance, life insurance and long term insurance. These are all pieces coming from a paycheck that in most cases is overextended.
So as a person not involved with your industry but as a consumer, I believe that the average person could not care less about long term care because they are busy trying to survive in the short term.
Very true. The bottom line is long term care planning is really a subset of high net worth planning.
- Thread starter
- #4
Arthur Rudnick
Guru
- 1,652
csalter,
It's always nice to read your posts and everyone appreciates your insight as a consumer.
As stated by ltcadviser, LTCi is no longer for the middle class. This is a product for the upper, middle class to high net worth people.
Everyone has different priorities and everyone has a different size pocketbook. But, you work all of your life to accumulate enough funds to be able to carry you through retirement.
The facts are that a LTC event can wipe out everything you've worked for your entire life.
Education about LTC is the most important thing in proper planning. Unfortunately, we as an industry and the government has done a pretty lously job.
Most of our clients are usually baby boomers who have had a LTC episode with their parents. They see first hand the financial devastation that a LTC episode can have. At $100,000/yr., it doesn't take a long time to blow through an entire lifes savings.
Yes, LTCi is expensive, but the cost of paying for LTC services is substantially more.
It's always nice to read your posts and everyone appreciates your insight as a consumer.
As stated by ltcadviser, LTCi is no longer for the middle class. This is a product for the upper, middle class to high net worth people.
Everyone has different priorities and everyone has a different size pocketbook. But, you work all of your life to accumulate enough funds to be able to carry you through retirement.
The facts are that a LTC event can wipe out everything you've worked for your entire life.
Education about LTC is the most important thing in proper planning. Unfortunately, we as an industry and the government has done a pretty lously job.
Most of our clients are usually baby boomers who have had a LTC episode with their parents. They see first hand the financial devastation that a LTC episode can have. At $100,000/yr., it doesn't take a long time to blow through an entire lifes savings.
Yes, LTCi is expensive, but the cost of paying for LTC services is substantially more.
