Life Insurance and Long Term Care Coverage

Life Insurance 

 

First, you’ll need to determine the type of life insurance you want to buy, with the most common types being term life insurance, whole life insurance and universal life insurance.

To put it very simply, with term life insurance you pay regular premiums for a set period and the policy only pays out if you die during this period.

With whole life insurance, there’s no set period. You usually pay regular premiums until you die, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you die.

Universal life insurance works in a similar way to whole life insurance, but you have more flexibility about taking money early. You can even borrow money and repay it later; although, if there’s any loan outstanding when you die, the policy’s payout can be significantly affected.

The premiums you pay depend heavily on your age and medical history, along with the amount you want the policy to pay out. So, it’s important to seek expert advice before committing to life insurance.

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Long Term Care Coverage

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Chances are you'll live well into your 80s, your 90s and possibly even longer.

When you live a long life, the likelihood you'll need long-term health care is greatly increased. Younger people also need long term care as a result of accidents or illnesses.

Long-term health care is generally not covered by medical insurance, by Medicare supplement plans or group / employer insurance. For seniors on Medicare, the long-term care benefits are quite limited.

That is why over 10 million Americans have purchased long-term care insurance. 

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We understand Long Term Care and Life Insurance.  Give us a call today to discuss your options. 

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