Today’s post discusses how you can minimize your long-term care expenses and keep your family from being burdened with the cost.
- Life insurance covers all types of long-term care: When you think of long-term care you may automatically think “retirement home,” but long-term care can have more options. If you’re a Baby Boomer, your love of freedom is a common trait among your generation. This is one of the fastest growing segments of the population, and many Boomers will opt for home-health care instead of a retirement home facility. The good news is that life insurance covers any and all types of long-term care. So you can get the type of care you prefer, at no-cost to your family. How’s that for living life on your terms?
- Possible money for your heirs: What if you are one of the lucky people who retains a strong body and robust health throughout your entire life? Does the money you’ve set aside for your long-term care go to waste? Absolutely not! If you end up not needing care, you can assign your heirs as beneficiaries, so they receive the money instead.
- Protect yourself from the rising cost of long-term care: When people find out how much long-term care costs, they are often very shocked. The median monthly expense for a long-term care facility is $3,500. Yikes! That adds up to annual fees that can surpass some people’s yearly salary. Unfortunately, these costs and the cost of long-term care premiums are increasing. At IntelliQuote, we urge Baby Boomers and their children to consider a ‘combo product.’ One of the reasons it’s possible to leave unused money to your family (like in the above example) is because of such products. A combo product combines permanent life insurance, such as universal life insurance, and long-term care coverage to keep premiums down and to assign any leftover money to your heirs.
- Pays for final expenses: No matter how healthy and strong you are, eventually, you will depart this life. With a life insurance policy, you can ensure your policy covers your final expenses so that your family can carry out your wishes without succumbing to any financial hardships. Speaking of difficulties, your life insurance policy can also pay down any lingering debt that you have at the time of your demise.
Growing older means you may need to rely on your adult children more. But you don’t have to worry about becoming a financial burden to them. Life insurance can give you peace of mind knowing that you’ve accounted for your final expenses in advance.
If you are looking at options to secure your financial future and cover long-term care expenses, IntelliQuote can help. We encourage you to complete our quote request form today and ensure you have adequate coverage in place. Have questions? A person IntelliQuote advisor is on hand to explain everything. Get started comparing life insurance quotes today!