What are the Odds?

Power BallAs of this morning, the PowerBall jackpot is up to $700 Million.  As you’ve probably heard, the odds of winning the grand prize are 1 in 292 Million. Let’s put that in perspective with some other well known odds:

1 in 86 million: The odds of incurring a serious injury in an amusement park
Source: Discover, Vol. 22, No. 6 (June 2001), John Graff, Intl. Assoc. Amusement Parks and Attractions

1 in 10,790,000:  Being in a plane crash in the next year

Source: Shapiro, Amram. Book of Odds Inc., (05/28/2010). Print.

1 in 9.3 million: Dying in a terrorist attack
Source: Risk, A Practical Guide for Deciding What’s Real Safe and What’s Real Dangerous in the World Around You, David Ropeik, Mariner Books)

1 in 1,646,000:  Being struck by lightning in the next year

Source: Shapiro, Amram. Book of Odds Inc., (05/28/2010). Print.

1 in 649,740:  Getting a royal flush in a poker game

Source: http://cardgamerules.homestead.com/Poker_Odds.html

1 in 320: Having a residential fire

Source:  National Fire Protection Agency, April 2013.

1 in 47:  Having an auto accident

Source: Journal of the American Society of CLU & ChFC

1 in 2: Needing long term care

Source: 2014 Medicare & You, Center for Medicare & Medicaid Services, September 2014. Almost 70% of those over age 65   will require some form of long-term care during their lives.


 

It’s not just the risk, it’s the consequences!

Long term care cost average $87,600* per year—over $100,000 in some parts of the U.S.  Few can pay that amount from their retirement savings, and certainly not for long. (Source: 2014 Genworth Cost of Care Survey)

 

Most people will turn to family and while many family members are willing, it’s difficult to ask them to make the financial, physical and emotional sacrifices necessary to provide long term care for a loved one.

 

Long term care insurance will not reduce the risk of needing care, but it can help pay for care when you do need it.

 

What is YOUR plan?

 

 

 

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