Protect Your Financial Legacy

The Benefits of Having Long-Term Care Insurance

1. Protect what you’ve saved. Of course, you saved to take care of yourself so you wouldn’t be a burden to your loved ones. But the costs of full-time care can easily equal almost a million dollars or more over a 20 year period, per person. Did you build up your savings all your life to have that money go to healthcare? Or did you plan to travel, leave an inheritance, or make a charity contribution? Make sure you can enjoy your retirement as well as leave the legacy you had planned.
2. Freedom of choice. We’ve heard the stories of substandard elder care. No one wants their loved ones or themselves in that position. Long-term care insurance will empower the holder to choose what type of care you receive and where. Having proper funds will provide you with more options when selecting care providers.
3. Peace of mind. No more worrying about what will happen “if the time comes”. Enjoy the present and have fun with retirement savings without agonizing about saving money for later care.
4. Age in place. More options for home care means you may choose to stay in your home, your neighborhood and near family, friends and church. Modifications and home health aides can help delay moving into a care facility.
5. Ease the burden of loved ones. Many adult children become the “sandwich generation” caring for both their parents and their children. Whether financially or physically, the burden can be emotionally draining for everyone.

Cash Value Life Insurance as a Long-Term Care Insurance Alternative

Most, if not all, traditional long term care policies do not lock in a lifetime premium and are subject to rate increases. Furthermore, if you never need long-term care benefits you will lose all the money you pay into a traditional long-term care policy. However, with a cash value permanent life insurance policy (whole life or universal life) that includes a long-term care rider, you get the following benefits:

• A locked-in rate
• A growing long-term care benefit pool of money
• Access to tax-free money for supplemental retirement income
• A death benefit to pass on to your beneficiaries if you never need long-term care

While many people wait until they are older to get long-term care insurance, the downside of doing so is a higher premium. Furthermore, that premium is subject to continue to increase as they get older. However, by purchasing a whole life or universal life insurance policy before age 50 can allow you to lock-in a lower rate that is guaranteed to not increase, and the benefits can be used not only for long-term care, but for other retirement expenses, and ultimately an inheritance for your children or grandchildren.

Call or contact CEG Life Insurance Services to discuss the different long-term care insurance options available to you. Even if you feel long-term care insurance is not right for you now, you can always begin researching the various options available to you and lay out a plan for when a policy should be started.