Combine life insurance with long-term care protection to preserve your assets.
Purchase a whole life insurance, with a rider to the policy which pays for long-term care ( home care or care in an assisted living or nursing home). If you do not utilize the long term care benefit, your beneficiary will receive the policy’s face amount.
Example. You apply for a $500,000 whole-life insurance policy, with a rider for long-term care that will pay you 2% of the face amount each month if you need long-term care services. Therefore, you will receive up to $10,000 monthly ($500,000 x 2%) to pay for home-care, assisted living, or nursing home services. Consequently, if you utilize $200,000 for long-term care, your beneficiary will receive the balance $300,000 when you die. Additionally, you can save a certain amount of assets if you enter the nursing home.
Ask Senior Life Care Planning about Long-Term Care Asset Protection. Sadly, only 10% of financial advisors are talking to their clients today about long-term care, according to a nationwide. Therefore, if your financial advisor is not talking to you about protecting your assets from the nursing home your financial advisor or insurance agent is not familiar with long-term care and long-term care insurance. Don’t be afraid to contact Senior Life Care Planning as we’re knowledgeable about long-term care / insurance and we can help you. This protection to provides you and your family with added financial security and peace of mind in these troubling times. Be proactive. Denial and “I didn’t know” may have substantial painful outcomes for you and your family later.Tags: asset preservation, long term care insurance, medicaid, nursing homes, protecting your assets, senior life care planning, whole life insurance