Preparing for the Future: Life and Long-Term Care Insurance

By Evelyn Galiano

family cutout in hands

Do you look into the future, and worry where you will be, or what your family will face, if something catastrophic happens? Chances are then that you have considered getting life insurance or long-term care insurance. Then perhaps you learned the cost, and the sticker shock scared you off. But what are these types of insurance, why do you need them, and how can you plan for the future without risking your financial security today? Let’s take a look.

Life Insurance

Life insurance is a benefit or sum of money that your beneficiary will receive upon your death. There are many kinds of life insurance. Term insurance is the least expensive and will provide coverage for a certain amount of time. At the end of the term, you can convert it to a different type of policy if that stipulation is written into the initial agreement. Whole life insurance is a type of permanent life insurance with no specified term that provides lifetime coverage, assuming the policy conditions are met. Universal life insurance is another type of permanent life insurance that also provides lifetime coverage but allows you to adjust your premium payments or coverage amounts throughout your lifetime, often available for a higher premium.

Long-Term Care Insurance

This insurance will help you with a long-term illness or if you need medical assistance. Costs for long-term care insurance vary based on your needs and expectations. Some policies will cover home healthcare, home nurses, private medical facilities, and more.

Hybrid Life Insurance with a Long-term Care Rider

Insurance companies now offer a rider to life insurance policies that cover long-term care. If you need coverage beyond your existing medical coverage, the policy rider will activate. The rider can last a few years or an entire lifetime. If you pass before you need the long-term care portion of the policy, it is converted into a death benefit.

Trimming the Cost

At Hanson & Ryan, we understand that we all need to be careful with our money. We also believe everyone should be protected. That is why we custom build our policies for you, trimming off the extras that don’t pertain to your needs and eliminating unnecessary spending.

Life and long-term care insurance provide you with peace of mind and help you leave behind a legacy and protect your loved ones. As with any insurance, there are a lot of complexities involved and decisions to be made. It is important to work with a professional to help you through it. We’d like to be that for you. Even if you have an existing policy, our policy evaluation program can help you determine if it is providing the right protection for you. Please reach out to us today.

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