Long term life insurance

Life & Long-Term Care Insurance, C. Cameron Bell, MAS, CFP

Ensuring Your Dreams Insurance should be an essential part of any long-term financial plan.Consider life insurance as an example: Life insurance is primarily intended to cushion the financial effects of the insured party’s death. Benefits can be used to help eliminate debts, fund a college education or provide retirement income for a widowed spouse.  In addition to a death benefit, certain policies permit the cash value of the policy to accumulate while deferring taxes. In fact, certain policies such as Whole Life, Universal Life and Variable Universal Life insurance could provide you with a lucrative cash-out upon retirement. Certified Financial Planner Cameron Bell and the...

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Can I use a life insurance policy to pay for long-term care?

Can a life insurance policy be used to pay for long-term care, if someone finds themselves in assisted living, gets a medical diagnosis that makes it inevitable, or is simply planning ahead? It can…. With caveats. Cash-value life insurance policies One of the most exciting things about life insurance is the ability to purchase a cash-value policy, which is a tax-advantaged investment asset that allows the insured to withdraw cash from the policy once it’s accumulated enough value. Unlike a term life insurance policy which has no cash value and expires at the end of its term or once a death benefit is paid, universal life insurance policies grows in cash value as payments accumulate. Check...

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How Long-Term Care Insurance (LTC) Can Save Your Life, Everplans

Reasons For Purchasing Long-Term Care Insurance Long-Term Care Insurance (LTC) can help you pay for the care you need should you no longer be able to care for yourself, ensuring that you are not a burden to your family and that you get the services you need. Statistically, at least 70% of people above the age of 65 will require some amount of long-term care, which means that most seniors should be prepared to enter and pay for long-term care at some point. Without insurance, the costs of long-term care can be incredibly expensive, and can quickly deplete any savings. As long-term care is very expensive, it’s a good idea to look into long-term care insurance (either as a policy or as a...

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Long-Term Care Planning--One Size Does Not Fit All

Shopping for long-term care insurance today is starting to feel like walking into the biggest shoe store you have ever seen and figuring out where to start. For example, a 2017 LTC insurance survey reports that the number of life insurance policies with long-term care benefits is now more than twice the number of traditional stand-alone policies sold. That disturbs me somewhat because I know that many are sold by focusing on the benefit account and death benefit, rather than on how much the policy will pay out per day or month at claim time. They are popular because some people want to leave money to their heirs if they never need care. In some cases, I know this is simply denial about...

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Long-Term Care, AAA Northeast

What's missing from your retirement plan? Long-term care, as you may already know is expensive. For example, in Massachusetts, the average annual cost for nursing home care is over $126,000. In Rhode Island, the cost is lower, but it's still in excess of $90,000 per year. The risk is compelling - according to a study by the U.S. Department of Health and Human Services, 3 in 4 Americans over age 65 will need some form of long-term care services. And medical insurance and Medicare do not cover these expenses. Learn More About Long-Term Care today! In Connecticut, the average annual cost for nursing home care is over $140,000. The risk is compelling - according to a study by the U.S....

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Term Life Insurance Rates Policy Riders for Seniors, Quotacy

Did you know that the average couple that retires at age 65 today should expect to spend an average of $240,000 for out-of-pocket medical expenses during their retirement years? This number does not even include potential long-term care costs. There are steps that can be taken to help with these costs when initially looking for term life insurance rates for seniors. There are two life insurance riders that can specifically help with medical expenses in retirement: a long-term care rider and a chronic illness rider. A rider is an add-on feature you purchase to enhance your life insurance policy. In this post, we will explain what long-term care is, what long-term care and chronic illness...

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Ordering the Combo: Life Insurance and Long-Term Care

The biggest risk of buying long-term care insurance is that you might spend tens of thousands of dollars on something you won’t use. Policies pay for nursing homes, assisted living or home health care — but what if you never need these services? New types of policies combine long-term care insurance with permanent life insurance, such as whole or universal life. If you want both types of coverage and can front the money, these hybrid options are worth a look. How combination policies work Combination long-term care/life insurance policies pay for long-term care that regular health insurance or Medicare won’t cover. And if you don’t max out the long-term care benefits, the insurer pays a...

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Life Insurance, Long Term Care -

Life Insurance / Long Term Care Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living. Provides income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind. Can provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation. The cash value...

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Combining Life Insurance and Long-Term Care Needs Benefits

Combining Benefits for Life Insurance and Long-Term Care Needs Although most individuals understand the need for insurance coverage, there are times when having numerous policies can seem overwhelming – as well as quite costly. For this reason, many have opted to obtain coverage for multiple insurance needs using one single policy. One example of this is the combination of life insurance with long-term care coverage. With a combination of life insurance and long term plan, a policyholder can obtain two forms of protection in just one policy. When you’re shopping for insurance coverage, it’s vital that you have the coverage that your loved ones will need, and to do that, you’ll need...

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Long-Term Care Insurance is More Important Than Life Insurance

Why Long-Term Care is More Important Than Life Insurance Long-term care insurance is considered by many to be a luxury. Others opt for life insurance policies to protect their loved ones after they pass. As health insurance consultants in Houston, Texas, we understand that long-term care insurance is by far more important than the alternative. Today we’re exploring why this type of coverage is important and what type of benefits you can expect when you choose it over life insurance. What is Long-Term Care Insurance? Long-term care insurance (LTC) covers long-term care services required by individuals in their home, community, or in a private facility. It can cover personal and custodial...

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