Two Sides of a Coin - Life and Long Term Care Insurance

Life Insurance

Life insurance is a great way to have peace of mind for protecting our families. Life can throw us some curve balls that aren’t always that easy to hit. Deep down we’re all resigned to the fact that at some point, we’ll have to shed this mortal coil. Having the right life insurance coverage can help make sure that when that time comes, your family will be financially taken care of.

Oddly enough, we don’t always see ourselves growing old or needing care. But when that time comes, the consequences of not having a game plan can be financially catastrophic. With rising health care costs, by the time we reach our late 70’s, early 80’s, the cost for that care will be extremely expensive. When you’re contemplating having life insurance in place, why not consider taking care of that other potential risk?

Today more and more life insurance policies give you the ability to solve for not only a death benefit, but for a long term care benefit as well. Many life insurance carriers are offering permanent life products that will have a long term care rider attached. Basically, if you start to have a need for long term care, they will allow you to accelerate the death benefit to be used for a long term care situation. You’re really covering two sides of the coin with this approach.

Should you pass away and never need a day of long term care, then your beneficiaries will receive the full death benefit amount. However, should you find yourself in a situation where your physical or cognitive health start failing, then you can access that death benefit for a long term care situation.

You are really protecting yourself on both sides of the coin by having a permanent life insurance policy that has a long term care rider attached. I can walk you through your options, as there are many. 

About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or MYurkovic@Pivot.com.