* Nest Egg Protection Needs Multi-Pronged Approach

Good for you! You’re funding your 401k. So what happens to it if you have a long term care emergency?
If you’ve planned ahead, you will have protected your nest egg with long term care insurance. As mentioned in the non-profit blog, The Insurance Word, it is a very good idea to protect your 401k with long term care insurance, as well as life insurance.

Life insurance is most important if you have dependents, but long term care insurance is matters whether people depend upon you or not - unless of course, you don’t care about the kind of nursing home you may end up in or whether you can receive home care.

And if you are thinking that you are too young to need LTCi, then please think again. There is a significant percentage of young folks who need temporary and permanent long term care. Temporary care can be a result of a severe heart attack, stroke, accident or relapsing/remitting Multiple Sclerosis, to name a few.

Permanent long term care can also be a result of these health issues, but add to the list early onset Parkinson’s, Alzheimer’s, ALS and other neurological problems. Considering an alarming amount of young Americans are getting “old folks diseases”, like arthritis, heart disease and diabetesbest to purchase long term care insurance while you are still healthy and insurable.

Buying long term care and life insurance policies separately is preferable if you can afford it, even though you can buy them packaged together. You will get better coverage and more benefits with separate policies. Also, if you buy a “package” and you do need long term care, your life insurance benefits will be reduced by the amount of LTCi pay-out benefit pay-out you receive.

So, for the best case retirement scenario, as well as protecting your assets, yourself and your family during your working years, keep funding your 401k and look into getting long term care insurance today.

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