Most people who own a home or an automobile are required to carry an insurance policy. This forces people to be responsible in protecting themselves, their families, and others. So, why not have insurance as part of your financial plan to protect your family? A life or long term care insurance policy will ensure that your loved ones can be taken care of without having to worry about financial burdens after you’re gone.
Life Insurance
Every person’s financial security plan should include some form of life insurance that protects their family members continued quality of life. The types of life insurance you can choose from depend on your family’s wants and needs.
The most popular reasons people purchase life insurance are:
- Replace income for dependents
- Pay final expenses
- Create an inheritance for your heirs
- Make significant charitable contributions
- Create a source of savings
Choosing life insurance is different for everyone and is based on the stage of your life and your particular circumstances. Some things you’ll want to consider when shopping for life insurance are:
- Are you the primary income earner in your family?
- How much debt do you have, including mortgage and credit cards?
- What stage of life are you in?
Many people understand the importance of life insurance, but very few of those people act on that understanding. Part of the reasoning may be that it’s hard to imagine that in the future, you may be absent and cannot help your family. Let’s face it, no one likes to talk about death. But we all experience it, and life insurance is a way that we can be prepared for the inevitable.
Another reason that people don’t add a life insurance policy into their financial plan is because they aren’t sure how they will pay for it. Depending on your needs, we have plans that span all price points and can be incredibly affordable.
Long Term Care Insurance
Buying long term care insurance is another way to prepare for the future. Long term care refers to a variety of services that are not covered by traditional health insurance like getting help when you are unable to perform your daily activities such as bathing, dressing, or getting out of bed.
A long term care insurance policy helps with the costs of the care you may need when you have a chronic medical condition, disability, or disorder such as Alzheimer’s disease. You can acquire care in a variety places: your home, a nursing home, an assisted living facility. or an adult day care center.
Considering long term care costs is an important part of your long-range financial plan, especially in your 50’s and after. Waiting until you need care to purchase coverage is not an option. Most people with long-term care insurance should purchase it in their mid-50’s to mid-60’s.
Whether long term care or life insurance is in your plan (and is the right choice for you) depends on your situation and preferences.
Free Seminar About Insurance May 26th & 27th
Join us for a free seminar on Wednesday, May 26th at 10:30AM or on Thursday, May 27th at 6:30PM to learn more about how life insurance and estate planning go hand-in-hand. We are partnering with Keystone Elder Law to bring you this information session. We will be going more in-depth and other topics will be discussed including long term care or life insurance with riders, an honest explanation of how everything works, the process of underwriting, choosing the right type of life insurance, and your individual dreams and goals.
RSVP to Vickie at our facebook event or via email This email address is being protected from spambots. You need JavaScript enabled to view it..
As always, we can assist you in finding the right policy that offers the level of protection that makes the most sense for you. Reach out to Vickie at 717-790-2171.
