Do I Really Need Long Term Care Insurance?

[phone]

You might be thinking, "I know I should have long term care insurance but I don't want to waste my money on premiums if I never need it. Is there another way?" About 40% of people age 65 will need long term care at some point during their lifetime.

The average cost for a nursing home stay is about $74,000 a year. Conventional long term care health insurance requires you to "use it or lose it." A better alternative is a life insurance policy with long term care benefits, if you need them.

One great way to do this is to move the money from a CD into a single-premium life insurance policy. This will give you access to the cash value of the policy to pay for the long-term care, if it is needed. If you never use the long-term care benefits, the life insurance proceeds pass on TAX-FREE to your heirs.

Contact us today to talk more about how this might work for you.

[karenlorenzo]

Once you are approaching retirement years, you might be able to ask yourself "do I really need long-term care insurance?", infolongtermcare provides comprehensive information why we need it and what benefits we will get from buying one. 

This video provided other alternatives if we are afraid of the traditional long-term care insurance "use-it-or-lose-it" scheme. This way, if we stay healthy and never use ltc, we will still have something to leave to our heirs.