We wanted to share some information about an additional product line that we are offering that you may be interested in. That is Long Term Care! Maybe you already have a policy in place that you purchased when you were younger and that is perfect! We likely wouldn’t recommend changing that at this point, although if you would like to review your coverage and compare it to other options we are happy to do that for you.
In this article from 2019 the author shares some good statistics about the number of people that will need LTC- 47% of men and 58% of women age 65 and older will likely need to utilize a nursing home at some point in their lives. So your chances of being able to utilize a traditional LTC policy are higher than you may like to think. And the cost for this care can get very costly… depending on your location and how much care you need nursing home care can range from $3,000-$7,000/month!
If you haven’t signed up for Long Term Care insurance because you don’t understand it, or you don’t want to pay for something you feel like you are likely to not ever need, that is why we are sending this email- there are lesser known options out there that will provide you with a benefit for Long Term Care should you need that, OR provide a death benefit to your beneficiaries after you pass away if you don’t ever wind up in a Nursing Home.
That’s right, you can choose to buy a traditional, “use it or lose it” type of Long Term Care Insurance which works great for many people. Or, there are 3 other options that we wanted to let you know about.
The first alternative that we have includes a hybrid life with long term care policy. These are great if your main objective is to secure LTC insurance for yourself and or your spouse, but you want to be able to get something back for your premium payments in the event that you don’t go to a nursing home.
We can also write a permanent life insurance policy that has a Long Term Care rider included that would allow you to advance a portion of the death benefit to use if you needed to be in a nursing home. This type of policy is ideal for someone who would like extra life insurance but also wants to protect against the high cost of a nursing home stay.
A fourth option if you are very limited in your budget, is a Short Term Care or rehab policy that we can offer. Even though it is called “short term” we can do terms that last up to 365 days and can be renewable one time. That could give you two years of coverage in a nursing home. This isn’t the most ideal option to protect against major long term care stays but it could definitely help if you are unable to afford the higher costs of the other products.
This is a lot of information, but hopefully you find it helpful. Please give us a call or email us if you would like to get some quotes on any of these options for yourself or for a loved one.