Insurance and Meeting Dave Ramsey and Chris Hogan

What was it like to meet my heroes in person?

Surreal!

We went backstage before the main event to take pics, shake hands and ask questions.

We walked to the photo area and I said “Hi guys!” And shook Chris’ hand-he has a great, warm, meaty, linebacker handshake. And Dave has that million dollar smile. “I can’t believe I’m meeting you in person!” said starstruck me.

On stage, I handed Dave a sticky note of the debt my husband and I were dealing with years ago and where we are today after following Ramsey’s principles, and making sacrifices.

There was an audible gasp in the room.

And then I got to ask my question that’s been bugging me for years:

“I’m weirder than I deserve. Can I go on tour with y’all?”…I started..

At retirement, do we stop paying for term life insurance and buy Long Term Care Insurance instead?”

In a word “no”.

*”Term Life Insurance is “income protection”.

*”Long Term Care Insurance is ‘nest egg protection.”

Their eyes were glistening…

Dave continued,

“You’ve all heard the story: mom and dad retire, then Daddy gets ill and uses $80,000/year in nursing care for 3 years and drains the nest egg, leaving Mama broke and eating Alpo.”

The dogfood story is real-for a future post.

The two kinds of insurance are not mutually exclusive.

“You have to ask yourselves ‘will your husband still have accessible income if something happens to you or vice versa without having to sell stuff?”

Some of our nest egg is tied up in real estate.

Ah.

“Sharon (his wife) and I still have Term Life Insurance because ‘SWI’- -Sharon Wants It.”

“So, it’s perfectly fine to have both if it gives you extra comfort and security.”

And there you have it.

From the expert himself.

No need to panic and wonder. We need to budget for both because ‘SWI-Sweeties Want It.”

Where would I start to shop for Term Life Insurance
Long Term Care Insurance?

Zander.com

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