Plan for the future by combining life insurance with long-term care benefits.
Long-term care insurance is something many people overlook in today’s society. After all, there’s a big risk of buying such insurance, spending tens of thousands of dollars on it, and then never needing it. These types of policies pay for nursing homes, assisted living or home health care. But, what if you don’t need these services? Fortunately, there is a way to obtain the protection you need without sacrificing your hard-earned cash. New types of policies combine long-term care insurance with permanent life insurance.
A combination of long-term care insurance and life insurance helps to pay for long-term care that is not covered under health insurance or Medicare. If you don’t max out the long-term care benefits, the insurer will pay a benefit to your beneficiary (or beneficiaries) upon your death.
Here’s what you need to know about the combination of long-term care and life insurance:
- Depending on the policy you choose, you pay one lump-sum premium or a few annual premiums.
- The policy provides a pot of money for long-term care that’s equal to several times your premium payments.
- The policy’s death benefit will be reduced according to how much money you use for long-term care.
- You may be able to obtain a policy that guarantees a small percentage of the death benefit, such as 10 percent, to your beneficiary.
Do you have more questions about long-term care or life insurance policies? Then talk to the professionals at Lou Aggetta Insurance Services in Pleasant Hill. Our experts are ready and waiting to help you determine your needs and explain how a policy can protect your finances. Give us a call today to get started!