How would you afford the cost of care if you, your spouse, or even parents were no longer independently able?
Many individuals have given little thought to how they would deal with the potentially devastating costs associated with the need for long term care. It is often assumed that these expenses only occur in the event of a catastrophic accident or debilitating disease.
When to consider Long Term Care insurance?
It is easy to postpone planning and assume that your risk lies buried decades in the future. You may dismiss any concerns, confident that your assets will be more than adequate to cover long term care needs. However, two events are changing this thinking:
- Many are concerned about the downturn in the economy. The bear market of the past several years has diminished the retirement incomes we all envisioned.
- The proliferation of new long term care insurance products has greatly enhanced the options available to meet the financial risk associated with care.
Who will need Long Term Care?
Young professionals are even beginning to embrace long term care insurance as an important component in their income / asset protection planning.
Conventional thinking views long term care as a post retirement event when, in fact, 40% of those receiving long term care services today are under the age of 65.
Long Term Care insurance is the natural extension of disability insurance, the critical income protection that you need while you are building wealth. Once you have accumulated wealth, it is important to transition from protecting your income in the event you can not work to protecting your nest egg in the event you require extended medical care.
- Helps pay for the care that can allow you to stay in your own home
- Helps protect your assets
- Helps protect your family from the caregiving burden
- Provides you and your family with support and assistance during a long-term care event
Educational Resources
To better understand key contract provisions, underwriting requirements, and the value of long term care insurance, refer to our Ressources section for a growing library of practical materials.