Archive for ‘Insurance’

But what if I don’t ever need long-term care insurance?

Once upon a time a caring daughter (who was also CFP®) tried to persuade her mother to buy long term care insurance. Her daughter, let’s call her G, believed that her mother needed this product for many reasons- to ensure choice of care and to protect her mother’s assets (and perhaps some selfish motives to ensure she didn’t have to deal with incontinence and bathing her mother!). Her mother disputed, “But what if I don’t ever use it and end up wasting all this money on expensive premiums?” G searched for alternatives, but her mother shot them down. Low and behold, her mother needed a hip replacement – and guess who was coming to stay with G for 2 weeks!

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