Plan for a Back to Basics Life

I met this Midwest couple, Pamela and Martin, after they downsized and moved in with their son who owns a large home.

Both are retired – the husband from tree trimming and wife from a career as an occupational therapist. They very much live a “back to the basics” lifestyle that includes gardening and raising chickens.

Client Motivation

As we started to discuss their situation, they told me that they had a family experience with long-term care. Pamela’s father required care after an Alzheimer’s diagnosis – not an uncommon thing to hear from customers interested in a long term care plan. Pamela went on to tell me that her parents bought long term care insurance (LTCi) so her mother was able to pay the expenses incurred after her father’s diagnosis – which helped tremendously. Pamela and Martin are looking for similar “peace of mind” and financial security knowing that if or when they need care, the financial burden is lifted.

Financial Background

They both had life insurance, but now that their children were grown, their need for life insurance has decreased but their need for LTCi has increased. They’re decided to shift the life insurance premiums over to LTCi. Budget was extremely important, and they did not believe they could afford anything too robust.

Health Snapshot

Pamela was relatively healthy, but Martin had experienced a serious health issue in the past.

Solution

We started working on this in April 2018, but their policies were not in force until December 2018 due to a couple of bumps along the way. We got creative with their benefits so they could have something in place for home care. They applied for a shared plan.

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