Many people simply are not prepared for a chronic, critical, or terminal illness. They think that just because they have a health insurance or disability plan, they’ll be sufficiently covered in case of a sudden or serious health problem, such as a heart attack, stroke, or cancer diagnosis. The fact is that’s probably not true.
- According to the American Cancer Society, there will be an estimated 1.7 million new cancer cases diagnosed and more than half a million cancer deaths in the U.S. this year.
- The American Heart Association reports that cardiovascular disease is the leading cause of death globally, accounting for more than 17.3 million deaths per year. By 2030, that number is expected to exceed 23.6 million.
- The U.S. Department of Health and Human Services says the average cost for long-term care in the U.S. exceeds $6,000 per month for a semi-private room in a nursing home and $3,000 per month for care in an assisted living facility.
- 91% of older adults have at least one chronic condition and 73% have at least two
- 73% of respondents to a recent survey say serious health problems are their major worry about living to 100
- 4 of 5 people live in private homes where about 80% of the care is provided by family and friends
- $220k out of pocket medical expenses equals the healthcare costs through retirement for an average 65 year old couple retiring now
Living Benefit Resources
- “When You’re the One“ – personalize and send to your clients
- “Planning for Every Possibility: Alternatives to traditional long-term care protection “ – excellent consumer brochure
- Term Insurance Living Benefit Rider Comparison
- Permanent Insurance Living Benefit Rider Comparison
- Long Term Care video – from Life Happens
- Long Term Care Riders vs. Chronic Illness Riders – an in-depth look