Uber-Wealthy use Long-Term Care Insurance to Preserve Wealth

Written by
July 7th, 2010

Question: What do Suze Orman, Oprah Winfrey and Terry Savage have in common (besides being bazillionaires)?

Answer: They each own Long-Term Care insurance.

WOW! Why would someone so wealthy own long-term care insurance? They surely could afford to self insure their care for years to come couldn’t they?

Interestingly though, the nationally recognized and widely respected advisors such as Suze Orman and Terry Savage own LTCI themselves and are ardent proponents of the product, in fact, they’ve become wealthy by giving people this very advice.

Perhaps the super-affluent own LTCI because, in addition to wealth preservation, the money collected from LTCI benefits can provide them with dignity, and options that might not be available otherwise. LTCI can give people a track to run on and a way for others to know their wishes and desires, even if they are unable to express themselves. LTCI can also reduce or eliminate much family stress and conflict.

As Suze says: “I know, I know – you think , “I’ll never end up in a nursing home”. Well as with all insurance policies: I hope you’ll never need to use any of them, but if you do, they sure are nice to have.”

For more questions on long term care insurance, contact our Certified Long Term Care Specialist Jane Shevey at jane.shevey@rrins.com or call her  – 262-953-7123.

Comments

One comment

  1. What would a typical policy cost for a couple, one born 12/31/41 (Woman) and the other 9/5/43 (Man)?

    Thanks

    Comment by Tim Thiele on August 18, 2010 at 10:20 am
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