You Can’t Insure A Barn Once It’s on Fire!

The following is a guest blog by my dear friend and trusted colleague Tobe Gerard of www.tobegerardinsurance.com:

During Chanukah, my brother-in-law greeted us with the unexpected news that he had been diagnosed with Parkinson’s Disease.  He is 62.  As we were coming to grips with his diagnosis, whispers at a holiday party related that one of our favorite neighbors had also been diagnosed with Parkinson’s Disease.  He is 60.   Last week, while attending a seminar, I ran into an insurance colleague who I haven’t seen in 10 years and he mentioned that he too has Parkinson’s.  He is 59.  These ages are all the norm for the onset of PD.

According to the Parkinson’s Disease Foundation, there are 1 million Americans who have PD, with men more than 1½ times more likely to have PD than women.

My brother in law and our neighbor are both divorced with no children.  I had discussed long-term care insurance (LTCi) with each of them 10 years ago, 5 years ago, and even 1 year ago.  Here’s the gist of our most recent conversation: “I’m asking this, but I already know what you’re going to say.  It’s too late to purchase a policy – right?”   Unfortunately, the answer is always: “Yes, it’s too late.”   With the work that I do, more and more people are asking me that same question, and the only answer that I have is: “Yes, it’s too late.”

Dread diseases such as: Parkinson’s, Muscular Dystrophy, MS, ALS, and early onset Alzheimer’s, are rearing their ugly heads younger and younger.   Your clients don’t have to have a family history with any of these to be hit.  Encourage your clients to consider LTCi around the time they turn 50; waiting until they are in their 60’s can be risky business these days in LTCi land!