Points to consider when purchasing Long Term Care Insurance.  Today's culture offers some very harsh realities of disturbing consequences for those that delay proactive care with this possible area of financial risk. This area of financial risk today is commonly called the financial quicksand abyss that can devour your assets leaving you penniless as you age in life.  Most people today do not understand the realities of this financial risk and are thus unprepared to face this challenge that can undermine and destroy all other well designed plans they may have put in place. 

As I interact with private school leaders, church leaders, business administrators and risk managers today, I am often asked which risk I feel is the worst for today's religious organization to deal with.  If the engine is removed, how long will the train continue to move?  The key person risk stands out as it is really no different than the family that protects those who produce the income and the possible income loss, as well as the person who may not be the main income producer but who is a key person in helping the family function and survive today. This risk can affect an organization at the most critical times of its ministry, and it may bring total destruction to the ministry because it is often the least prepared for or even thought of.  From what I have seen when reviewing presented losses, key person insurance is as critical today as liability coverage. Both causes of loss can cause the demise of the organization in a very abrupt and painful manner.  For most organizations, this risk can be covered for just a few hundred dollars per year. The most critical times for this, though it is not limited to just these, for medium to large organizations and the fairly new organization, are:

The Provided Housing Risk

Provided housing, the risk that if overlooked can leave a school with a possible financial risk that could cause it hardship; it could also place those who lived in the provided home in a hardship position with no place to live. Far too often, when provided housing is offered as part of the compensation package, nothing is done to plan for the resulting risk should the employed party pass away.  Provided housing can save the school funds they would otherwise have to pay the employed person.  The school is then put in the position where they must either ask the family and spouse to leave with nothing to replace their home, or to do their best to provide another home for the new employed person's family if an untimely death should occur during the employment period.

The Provided Housing Risk

Provided housing, the risk that if overlooked, can leave a new church with a possible financial risk that could cause it hardship, or it could place their minister's spouse and family--or other employed spouse and family--who lived in the provided home, in a hardship position with no place to live.  Far too often, when provided housing is offered as part of the compensation package, nothing is done to plan for the resulting risk should the minister or other employed party pass away.  Provided housing can save the church funds they would otherwise have to pay the minister or other employed person.  The church is then put in the position of either asking the minister's family and spouse or the other employed's family and spouse, to leave with nothing to replace their home, or of doing their best to provide another home for the new minister and other employed person's family if an untimely death should occur during the employment period.