Select the Right Type of Insurance for Your Lifestyle
As you age, long term care insurance becomes more important than ever. This type of insurance allows you to pay money into a policy, which will help cover the cost of long term care when it becomes necessary. Paying for care during retirement can be quite a large financial investment, so it’s important to make sure that you’re covered. These plans allow you to invest money over years, then use it to pay for your senior care.
There are two main types of long term care insurance:
Hybrid Long Term Care Insurance
This type of insurance allows you to pay a lump sum upfront or to pay for your policy over several years. You put money into the policy and then it pays for your care when it’s most needed. If it’s never necessary to use the policy before your death, then a benefit will be paid out to a beneficiary of your choice after you pass away. This ensures that the money you’ve invested is available to your beneficiaries and not lost as you age if you don’t wind up needing to pay for a senior care facility.
Traditional LTC Insurance Policies
Traditional long term care insurance typically has no cash value. You pay into the policy on a monthly basis, just like you’d pay a premium for car insurance or health insurance. You select the benefits that work best for you when you initially sign up for the policy. Then when you need to pay for long term care expenses, you cash it in. The insurance policy covers the cost of the senior living facility, making sure that you’re able to afford elder care.
Planning ahead is important
If you’re getting ready to retire, it’s time to think about investing in LTC insurance. These policies can help cover one of the most expensive types of care that you’ll need in your lifetime. Jeffrey Lee Financial is happy to discuss your all of you insurance options with you including life insurance with cash accumulation account features. Contact us today to learn more about the plans available, so you can select the option that works best for you.