When thinking about insurance of any kind it is not the solution that is most important. It is the conversation itself that should take top priority. Currently people are taught to avoid difficult conversations. Here at DKGB we embrace these conversations as necessary to the planning process.
With insurance there are a multitude of concerns around the types of insurance. With different types of Life insurance, Disability protection, and Health Insurance. Recently most of our client conversations revolve around Long Term Care insurance, but the same questions can be asked about any type of insurance.
- Do I need it?
- How much does it cost?
- What does Long Term Care cost?
- Doesn’t Medicare cover that?
- Should I self-Insure?
These are all important questions, especially since there is a 70% chance for today’s 65-year-old in needing some type of Long-Term Care in their lifetime. We feel the most important thing for clients to do is to answer these questions, while considering the clients’ overall financial situation and family situation.
To answer these questions, we talk about all the options that are available and what matters to the client while you may be able to self-insure would you rather give that money to people or causes you care about and differ the risk to an insurance company.