Well, the Month of Love is upon us, and who better to find out if there is a connection between love and life insurance than Cupid. (And we bet you’ve never met a cupid like this before!)Tell us, do you think cupid is right when he said, “Life insurance is the best way for me to show you I love you.”?
One of the best things that the LIFE Foundation offers is its realLIFEstories. These are not commercials; they don’t use actors pretending to be someone else. Instead, realLIFEstories tell the moving stories of how people’s lives—and the lives of their families—were impacted by death, disability or illness, and how insurance helped them see their way through those difficult times.
Take the case of the Montes de Oca family. Lissete lost her husband, Felipe, and Felipe Jr. and Lucas lost their father, when he was only 47 years old, after a heartbreaking battle with cancer. You can watch their story here.
As their story shows, life is never, ever the same after a loved one dies. However, the fact that her husband had life insurance has meant that Lissete does not have to worry about finances in addition to the grief that she and her sons have to deal with. As she says, “Life insurance is something you pay for, but never expect to use. But here I am, and I can’t imagine not having this support to help me through.”
Powerful stories like the Montes de Oca’s help people understand what insurance really does. That’s why each year LIFE asks that agents and advisors (and we know there are some of you out there who read this blog!) submit stories of their own to LIFE’s realLIFEstories Client Service Recognition Program, which demonstrate how the insurance they helped a family put in place made a difference in a time of need. Find out more here.
If you or your family have benefited from life, disability or long-term care insurance and you’d like to share your story with the American public, send this link along to your agent: www.lifehappens.org/reallifestories-program-application.
The article, How to Slice Up Your Charitable Pie, by The New York Times columnist Ron Lieber got me thinking about charitable giving. I’ve always opened my checkbook in an ad hoc manner throughout the year when events or causes that have meaning to me occur, like Race for the Cure.
But something that Lieber wrote got me thinking, “Many of us would not be where we are were it not for the educational institutions that picked up the bill when we could not pay full freight. To my mind, that creates not just a debt of gratitude but a running tab that I hope to clear long before I die.”
That is certainly true in my case. And I think there are very few of us who could say otherwise. But does the University of Wisconsin-Madison really need my check? I suppose my friend in its development office would say yes. But this year I’m going to start paying that “running tab” by donating to the LIFE Lessons Scholarship Program.
This program helps young adults who’ve lost a parent and who are in tight (sometimes desperate) financial straits pay for school. I think back and my struggle might have been meeting the tuition bill, but theirs also includes moving on after losing a parent, and often becoming a parent to other siblings, like Brittney LaCombe.
Brittney is amazing. She’s raising her two teenage sisters while getting her degree in social work. You can watch her moving story here. As she says, “I work full-time, go to school full-time and take care of my sisters full-time.” That’s not a life most 20-year-olds imagine for themselves.
That’s why I just donated online to the LIFE Lessons’ Scholarship Fund. And I ask that everyone who reads this donate—whatever they can—as well. Pass this donation link on (www.lifehappens.org/donate-to-life-lessons) and let’s help Brittney and other young adults like her realize their dream of getting a college education.
A lot of people follow Suze Orman’s advice when it comes to making financial decisions. It isn’t any surprise, however, that she is not a “favorite daughter” among many insurance agents, mostly due to the fact that she is of the “buy term and invest the difference” school of thought. [While term life insurance is the right fit for many people, as this post shows, it’s not necessarily an all-or-nothing decision between term and permanent life insurance.]
But I digress.
The reason I’m writing about Suze is that she actually wrote an article in the December issue of O, The Oprah Magazine supporting an insurance product that many people either don’t know about or think is too expensive to pay attention to.
Here’s what she said about long-term care insurance: “I was blessed to be able to afford medical treatment for my mother, who lived to be 97, whenever she needed it, but I sure wish we’d bought her long-term care insurance decades ago.”
She goes on to point out that while the annual premiums (she quotes $1,000-$2,000) are a big commitment, long-term care insurance “can potentially save you tens of thousands of dollars a year if you’re unable to care for yourself.”
And, she also suggests that it’s not just for you, but something you can help your parents with—assist with premium payments—if they are unable to afford it.
Suze says, “… it’s a small price to pay to reap huge benefits for the people you love.”
I think most would agree. What do you think about Suze’s advice?
… Here’s why.
I’m not going to barrage you with a bunch of statistics about who’s likely to need it (although you should know, surprisingly, 37% of people who need long-term care are 64 years old or younger) or how much long-term care costs (a lot, just check here). Instead, I’m going to let you listen to those who have it talk about why they got it and when. So, let me step out of the way:
To learn more about long-term care insurance and it’s benefits, go here.