Long term care insurance is something we all know we need but tend to put off. We don’t want to think we would ever end up in a nursing home or needing personal care, but when we we see our parents and grandparents needing this type of care, we see that it would sure be helpful to have a policy in force that could either supplement the cost or take care of it all together. This is what a long term care policy does. It not only covers nursing home costs, but also can cover a personal care attendant right there in the home.
Many people put off buying long term care insurance because of the cost. Many know they should have it, but with each passing year as the cost go up it gets harder and harder to the pull the trigger. There is now a great option that happened several years ago with life insurance companies. You can actually have a long term care rider built into a life insurance policy that gets you coverage either for free, or for a very low cost.
Each company is different but typically you can have a rider that gets you a portion of the overall death benefit that can be taken out early to help with costs or you can have a stated amount allotted each month separate acting like a long term care policy.
I just helped a couple get a guaranteed universal life policy that lasts until they are 95 years old at $100,000 death benefit each and they both have long term care coverage up to $5,000 a month for a maximum of 5 years. All this for a total of $175 a month for both combined! The husband is in his 40s and his wife is in her late 30s. If I would have written just a long term care policy alone for both it would have been well over $200 a month, and now they have a great life insurance policy that has a guaranteed payout!
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