Mike Skiens, Master Care Solutions, Portland, Ore.
Q: It seems there is a strong correlation between the national economic crisis and losing a lot of money from an unexpected LTCI event. Is there a way we can relate the two to help convince prospects of the need for LTC insurance?
A: Consumers, who have seen 30 percent to 50 percent or more of their net worth disappear as a result of the steep declines in the stock and housing markets, have experienced just a small sample of what it would be like if suddenly they found themselves needing long term care and didn’t have a plan in place to address those costs. Their hard-earned investments could be drastically reduced fairly quickly if suddenly they were dependent on their life savings to pay unexpected bills.