As I have mentioned in an earlier blog post, the long term care (LTC) insurance world has gone through many changes. After the market dropped in 2008, many carriers stripped down their new policies, removing benefits and benefit periods from new policies. Other carriers raised the rates on their existing policy holders. Some did both!
I've always said that people that are seriously concerned enough to purchase LTC are "forward thinkers". However, if you purchased an LTC policy at a younger age, say under 50, you could have been penalized for your forward thinking by having a rate increase.
Fortunately for younger people who have seen a parent or grandparent go through and chronic illness and understand the expenses involve, there may be a solution and it is life insurance.
Many companies now offer life insurance policies with LTC benefits included in some shape or fashion. If you died before you needed the LTC benefits, the policy will pay a death benefit to your beneficiaries. On the other hand, if need if for a nursing home, assisted living or home health care, you can use your policy for that instead. And since most of these policies build cash value, you can also use it for a retirement supplement.
And the best part is you don't have to worry about a rate increase down the road.
Let us at Surf Financial Brokers help you with your long term care and other insurance needs.
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