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Importance of Life, Health and Long Term Care Insurance

Let us start off with Life Insurance. Most people especially the younger generation do not see the need for Life insurance. People believe that if they cannot actually use something after they are dead it is of no use to them but they are wrong. All Life policies do build cash value over time and it is generally very cheap to buy. Whole life products are the most expensive but will build into a very important investment tool for your future years of retirement or if you ever need to cash it in for you can. Term Life and Universal Life also build cash value over time and can be surrendered at a future point for its current cash value, it can also be sold to a third party in a vaticle agreement if you are ever diagnosed with a life threatening disease.

Health Insurance is one of our country’s biggest obstacles just for the plain fact that it is really expensive and for some hard to obtain if they have an illness. Without health insurance one can lose everything they own if they were to get ill. For example let’s say you get diagnosed with cancer you’re looking at least 6-12 months of no work, which would decimate most people’s savings account if they even have one and without insurance to pay the bills the courts can take your assets including your home to pay the balance. Over 50% of bankruptcies are caused by a sickness. Once you are diagnosed with a life threatening sickness and you don’t have coverage in place obtaining a traditional policy is very difficult and in most cases impossible, and then your only option is to obtain a guaranteed issue product which does give you some level of protection but not nearly as much as major medical plan or a catastrophic policy.

Long Term care is similar to Life and Health Insurance but the deductible is time not money. Long-term care (LTC) insurance is important coverage that provides valuable support and financial resources that help cover the cost of long-term care you might need in the event of an illness, accident, or through the normal effects of aging. By helping to protect your assets, and giving you choice and control over where you receive care including in your home LTC insurance helps you and your family face the future with confidence.

Over the course of a lifetime, you save and invest to reach many goals – a comfortable retirement, travel, a second home, and a legacy for your heirs or a favorite charity. But accumulating assets is only one part of your financial plan – the other is protecting what you’ve saved. When you make long term care insurance part of your financial plan, you’re taking a vital step toward reaching those goals. Don’t let the high cost of long term care interfere with your plans and dreams.

One year in a nursing home or 24-hour home care can cost more than $66,000 today. With costs increasing at about 4% per year, this care could cost $150,000 to $250,000 per year in 20 or 30 years.

Just as important as the impact of long term care can have on your financial security and independence is the emotional effect that it can have on you and your family. Care giving is an act of compassion done out of love and concern for others. But so many factors, including distance, work, time, and other responsibilities, make it difficult and stressful for family and friends to do as much as they might like to help family members in need.

Long term care insurance saves you from having to rely too much on your family for financial help or physical assistance. It covers personal care assistance from licensed health care and home care professionals that you can receive at home as well as in care facilities. This protection ensures that the time you spend with your loved ones is more rewarding and enjoyable.

Long term care insurance enables caregivers to spend more “quality” or companionship time with disabled elders rather than having to provide hands-on assistance with such activities as bathing, using the toilet, and other personal care tasks.

So if you have any questions on your insurance needs please feel free to visit our site listed below.

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