MONDAY, MAY 2, 2011
This week, in Part 4 of our continuing discussion with Scott Cornelius of Earnie Cornelius Agency, Inc., Dave Ramsey’s ELP for home and auto insurance in the Oklahoma City area (they sell other types of insurance as well). You can contact ECI at (405) 373-2977, or get a quote from their website at www.eciagency.com.Click to read Parts one, two, three and five.
Michael: What about long-term care insurance? Is that important?
Scott: It certainly is, but that is probably one of the least popular types of insurance, again because people don’t want to think about it until they need it, and then it’s too late. The chance of getting Alzheimer’s or dementia is relatively high anymore, and people are living longer now too—I think the stats are if you live to age 65, you can expect to live at least another 19 years. But, the chances of dementia are a lot higher at that point, so many people are having to go into a nursing home for that care. So, you would buy a long-term care policy based on how long you want those benefits to last, and how much you want to be paid each month. You could eat up your savings really fast in a long-term care facility if you don’t have insurance.
Click to read the full article.
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