LIFE INSURANCE AND LONG TERM CARE INSURANCE IS FOR THE LIVING
Most Americans plan for retirement but overlook the greatest financial risk, a nursing home stay, home care or death. Unfortunately, for most people it takes the unthinkable to happen before realizing the financial impact a death or a nursing home stay can cause.
If the unthinkable happens to you, have you left your loved ones or business partners the assets they need to keep on living? Can your kids afford college? Can your spouse afford your home? Having the right protection can provide the lifestyle you promised.
There are many kinds of life insurance, but they generally fall into two categories:
- Term insurance
- Permanent insurance
It’s impossible to say which type of life insurance is better because the kind of coverage that’s right for you depends on your unique circumstances and financial goals.
If you are young and healthy, term insurance may be the answer for you.
It can deliver significant payouts at a reasonable cost for a fixed period of time. For example, a popular policy provides $1 million of protection for 20 years to cover college costs, mortgage, and investment obligations.