It is always beneficial to try and plan ahead for the future, or at least we think so. There are not many people in this day and age, who can say a long term care insurance policy wouldn’t be helpful in the planning for the future after retirement. Even fewer people want to spend all of their assets away prematurely and or unexpectedly. Self insurance long term care can be a burden thrust upon loved ones if a plan is not in place to ensure you can pay for your own proper care. Even if you have some retirement set aside it may not be enough, this is why it is so important to invest in your own future after retirement. No one wants to lose the ability to control their own money and assets and a long term care insurance policy can protect you from just that and more.
Many intelligent Americans are planning ahead for after retirement, by ensuring they have enough invested in not only retirement plans like Roth IRAs and 401Ks, but also with long term care insurance. Long term care insurance is there for you even in the event you don’t ever use it. If you don’t utilize your long term care insurance then a death benefit is often passed down to your beneficiaries. The smart tip most financial advisors give their clients is to invest in a long term care insurance policy. There is a saying among advisors in reference to long term care insurance which states “Get it, or sweat it.” I’d rather have an umbrella and never need it than to get caught in a torrential downpour.
Buying a longer term care insurance policy can be complicated and often people feel overwhelmed planning for the end stages of life, but it is important to remember that we will all be there one day and it’s better to plan for the future then pretend it won’t ever happen. People are now living longer than ever and many people haven’t saved enough for those later years. Don’t let that be you. It is important to have knowledgeable guidance from a trusted advisor and insurance agent. When buying long term insurance make sure you take every step wisely.
Questions to ask you agent:
- How long has the company been writing insurance for?
- Is there a history of premium increase within the company?
- What are their pre tax conditions?
- Are the benefits indexed for possible inflation?
- Are there any conditions in which premiums are waived?
- What are my choices for payout years?
- What type of care is accepted? Nursing homes, assisted living facilities, and or home care?
- What is their history on payouts?
- What other benefits are available and at what cost?
Any good agent will be able to answer these questions and more for you. Trusting your advisors and independent agents can make a world of difference when it comes to the process of obtaining long term care. You can start your process today by calling one of our agents and asking them these questions and more.