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An older man found himself caring for his wife of 50+ years who was diagnosed with Alzheimer’s. On the advice of a lawyer he began to spend down the family assets so that his wife would qualify for Medicaid. He paid cash for an expensive car for his wife who, of course, could not drive, paid off the house, and spent down his savings so his wife’s half of their estate was no more than $2000. She was eventually placed in a nursing home, after he was totally exhausted with caring for her at home. She died two short weeks later.

When he recently talked to a long term care agent he was distraught to learn he could no longer afford insurance coverage for himself. Who is to blame for his predicament? I would say ignorance. Neither he nor his lawyer knew about how a long term care insurance plan might help him.

At a recent agent training retreat we learned that only 4% of people who would otherwise qualify for long term care insurance have a policy. Contrast that to 80% of the market who have life insurance. Lack of awareness is the biggest difference. There is a huge problem out there and most people aren’t even aware of it.

When I first learned about this kind of coverage I found I could not qualify because of health issues. But I made sure my wife had a policy. I tell people that if she needs care in the future, she will live like a queen. I would want nothing less for her. I see that as my job.

You have a job, too. Talk to someone about this life saving kind of insurance. Find out what it can do for your parents, yourselves, your children and other family members. It can make a huge difference. Just think about that older gentleman who learned about it too late. You don’t have to follow his path, because you will know the truth.