5 Reasons Why Others Will Be Glad That You Bought Long Term Care Insurance

Long Term Care Insurance

Have you ever thought about how important long term care insurance is to you and your family? I bet when you think about it, it’s in terms of ‘how will this policy make sure I’m comfortable and taken care of in my time of need’? Think of that – it is a vital part of why you purchased the coverage – but also remember how it is helping those who likely would be providing that care if you didn’t have coverage.

Here are 5 reasons why your loved ones are glad you bought long term care insurance:

  1. Caregivers can expect to spend around 20 hours a week providing care. 33% of caregivers report spending 30 or more hours a week.

  2. 65% of caregivers report missing work or being tardy. In many cases, this leads to the loss of a job or even a complete change in career path.

  3. 58% say it effects their own spending habits. 27% say they spend less on birthdays and other holidays as a result.

  4. 34% say their caregiver experience has had a negative effect on their own family.

  5. 46% say it has effected their own health.

(Source: Genworth 2014 Cost of Care Survey)

Long term care insurance coverage is an important facet of many Financial Plans – whether it’s in the form of insurance or personal savings. Being prepared ensures your comfort, as well as the overall well-being of family who otherwise would likely be the providers of your care.

About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s anonymous life insurance quote process and needs calculators. You can reach Seth at 1-800-651-1953 or SGowdy@pivot.com.