Life insurance*
Finding the right policy may be simpler than you think. There are two basic types of life insurance: term and cash value. Cash value (or “permanent”) life insurance policies offer death benefits and some of the characteristics of an investment – a percentage of the money you spend to fund the policy goes into a savings program. Cash value policies have correspondingly higher premiums than term policies, which offer only death benefits during the policy term. Term is a great choice for many young adults because it is relatively inexpensive.
*insurance products may include commission revenue to Money Managers Inc.
Disability Insurance*
Think you don’t need disability coverage? Think again. We all want to leave this world with our financial affairs in good order. So we draft a will and an estate plan, and purchase life insurance. But few of us consider disability insurance – the coverage that can help us maintain our income and quality of life while we are alive. We’d all like to believe that we’ll never be disabled. But the reality is … it could happen to you. If it does, will your family be taken care of? Will you be prepared?
*insurance products may include commission revenue to Money Managers Inc.
Long Term Care Insurance*
How will you pay for long term care? The sad fact is that most people don’t know the answer to that question. But a solution is available.
Your premium payments buy you access to a large pool of money which can be used to pay for long term care costs. By paying for LTC out of that pool of money, you can preserve your retirement savings and income.
Can you imagine spending an extra $30-80K out of your retirement savings in a year? What if you had to do it for more than one year?
What it pays for. Some people think LTC coverage just pays for nursing home care. Not true: it can pay for a wide variety of nursing, social, and rehabilitative services at home and away from home, for people with a chronic illness or disability or people who just need assistance bathing, eating or dressing.
The Medicare misconception. Too many people think Medicare will pick up the cost of long term care. Medicare is not long term care insurance. Medicare will only pay for the first 100 days of nursing home care, and only if 1) you are receiving skilled care and 2) you go into the nursing home right after a hospital stay of at least 3 days. Medicare also covers limited home visits for skilled care, and some hospice services for the terminally ill. That’s all.
Now, Medicaid can actually pay for long term care – if you are destitute. Are you willing to wait until you are broke for a way to fund long term care? Of course not. LTC insurance provides a way to do it.
Why not look into this? Ask us about some of the LTC choices you can explore – while you may have life, health or disability insurance, that’s not the same thing as long term care coverage.
*insurance products may include commission revenue to Money Managers Inc.
If you have any questions about our Insurance Services, please call us at 714-887-8000