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Life and Long-term Care

We meet with a lot of people and out of the 500-600 people we’ve met with over the past 7 years, we can count on one hand the few who didn’t want to leave anything behind financially for their loved ones.

It’s natural and biblical to want to leave something behind. We want to leave a legacy for our loved ones to build on. There are many ways to think about inheritance, but for most of us, we’d like to pass on some financial security.

But that can be a challenge. Life is always expensive and life as we age just gets more and more expensive. So what can you do to protect what you would like to pass along?

Life and long-term care insurance can play a critical role in answering this question.

You’ve probably visited a loved one in a nursing home. Becoming less independent and eventually passing on – it’s all a part of the circle of life. We don’t like to think about this stuff, and none of us want to buy life insurance. We have never met anyone that wanted to buy long-term care insurance. But I’ve also never met someone who didn’t wish they had long-term insurance when the need arose.

Long-term care expense is one of the biggest risks to your retirement account.

Most people don’t want to buy two different insurance policies that only cover one thing. In the early days, the insurance industry did a horrible job building long-term care policies and had to raise rates considerably. For many, these policies became simply unaffordable, whether they wanted one or not. And even for those who could technically afford a policy, the premiums began taking a bigger and bigger chunk out of their retirement income.

Fortunately, the industry quickly figured out what people really want. They want a pot of money available in their later years to help them age and graduate to the next life gracefully and on their own terms. That’s why now, most long-term care products are built on a whole life structure.

Insurance carriers are great at pricing life insurance and underwriting the mortality risk. Now, insurers just let people access what they would gain through a death benefit, but by way of a long-term care provision written into the policy.

In a combined life and long-term care policy, the pricing is guaranteed, the benefit is predictable and the consumer has a cash-value if they need to access the cash temporarily. Along the way, they have access to the death benefit to help pay for long-term care if they need it and if they pass their heirs will receive the death benefit tax-free. There is only one product to purchase and keep track of.

If you want to know more about what this could like for you, contact us here.