There is a growing demand for care for the aging population and it affects you more than you think.
A recent study came out that shows almost 70% of Americans will have to use long term care once in their lives.
You may have already started thinking about whether you can handle the financial burden that comes with age and do not know which direction to take or you just realized now. Life Insurance in combination with long term care is the solution.
How much do you know about life insurance and LTC?
Life insurance provides the coverage your loved ones need to survive in case of your passing. But did you know you could tap into the death benefit from life insurance and put it towards long term care?
Before we delve into the depths of the relationship between life insurance and long term care, let’s explain what long term care actually is. Long term care insurance covers the amount needed to take care of your medical needs in the event of lengthy disability during your life where you need assistance, either by using assisted living facilities, home health care, or other types of facilities.
Individuals purchase long term care so that they may have enough savings to pay for their own care and not place the burden of taking care of themselves on their children.
So what does this have to do with life insurance?
There is a unique life insurance and long term care hybrid that exists. You may use your death benefit from your life insurance to pay for your long term care expenses during your lifetime. The costs for long term care are disbursed tax free and your premium does not change if it is taken out. By combining life insurance and long term care, the total cost would be lower than if you were to buy each type of on its own.
Cosmo Insurance partners with multiple carriers that offer LTC insurance and will help you choose the best plan for you that is within your budget. Cosmo Insurance provides unparalleled service and will help you every step of the way. Call us right now or get a quote today so we can begin the process of getting you protected.