Suicide as a Financial Planning Tool ?


An understandable reaction: It's natural to say you will kill yourself before you'll ever enter a care facility or become a financial / emotional burden on your loved ones. My mother belongs to the Hemlock Society, but she also has kept her options open by purchasing long term care insurance.
Just for grins, let's take a closer look at the "suicide solution":

Suicide, Easy to SAY - Harder to Do

It's so easy to exclaim that you'll do yourself in, but this is a trecherous road - not to be used as a financial planning tool. Consider:

Exactly when will you do the deed? How sick must you be? Who will help decide?

Exactly how will it be done? Which method? Where? What if you have a stroke and can't lift a gun? Or Alzheimer's and you don't remember what you were planning to do?

What if human nature prevails and you procrastinate ad infinitum? I call this The Pudding Factor.

If you can't do the deed yourself for either physical, mental or emotional reasons, then who will - a friend or family member? How will they do it? In many states, it's a serious crime to allow a suicide to occur and even more serious to participate in an assisted death - just ask Dr. Kevorkian. Is your family willing to risk homicide charges and possible prison? Is your family willing to bear the stigma of suicide? Will lingering guilt remain, in either case?

None of these are easy issues, yet if you are serious about suicide they must be addressed years ahead of time and chiseled in stone. Anything less is immature, frivilous, capricious thinking - NOT common-sense financial planning.

LTCi - A Popular Alternative

No one can insure against the emotional devastation of needing long term care, but an increasing number of people are turning to long term care coverage as a way to eliminate consideration of suicide or financial devastation. You get payments to remain independent at home, in an assisted living facility or skilled nursing home, thus reducing the strain on yourself and your loved ones.