"What if I never need to use it?" is the biggest worry about getting a long-term care policy. This article shows you how to get the best policy guarantee and have your cake and eat it too.
Are you between 60 and 70? If not you, maybe someone in your family? Then you're about to learn something that could stop your own estate from being completely destroyed.
In reality, it's probably the most valuable thing you could ever own. This is why.
I've helped hundreds of people understand and use ways to save money for more than 24 years. I have seen families in every kind of financial situation, from birth to death.
As my clients and I get older, I can say without a doubt that losing your independence is the biggest fear of getting older.
Even though we are living longer, it doesn't mean that we are living better.
Chronic diseases are very common, and they can hit hard when you least expect it.
How many people who have had a stroke knew they were going to have one?
How many people were ready for the time when they started to forget things?
The facts don't need to be said. Millions of Americans need long-term care, either in their own homes or in nursing homes, day care centres, assisted living facilities, or adult day care centres.
And there is no end in sight to the rising cost of long-term care.
Think you won't be affected? Well, I'm sorry. Because this article does not try to persuade anyone that they will need care before they die.
It's for people who know and understand how important it is to protect themselves against the horribly expensive costs of long-term care.
In fact, this article is perfect for people who have already looked at traditional types of long-term care insurance and are trying to figure out which type is best for them.
One of the biggest reasons why people don't want to buy a long-term care policy is that the premiums will be wasted if the benefit is never used.
This is kind of like getting car insurance. In order to get your car fixed, you have to pay the premium. But what if nothing ever goes wrong? Does that mean you lost your premium?
Isn't it funny? People don't question paying for car insurance very often, but they often don't want to pay for long-term care insurance.
So, what if you were always guaranteed to get your premium back if you never needed long-term care?
What happens if you die before you get long-term care? Wouldn't it be great if your family could get back the full cost of your insurance premium?
What do you think? You use up all of your long-term care benefit. And then you die. What if 10% of your premium could still go back to your family?
Now, if you know anything about long-term care policies, you might be wondering why you haven't heard of this type before.
One reason is that it isn't normal and isn't part of the way most long-term care policies are sold.
Another reason is that the policy costs a lot of money. The average premium is $50,000, and it is paid only once. This means that your premium will never go up.
People between the ages of 60 and 70 often have large amounts of money in bank CDs with low interest rates. Like a fund for emergencies.
It makes sense to move some of this fund into the policy because the money will still earn interest. Also, it usually pays more than a bank account, and the interest isn't taxed.
People this age also often have old life insurance policies that have a lot of cash value.
Most of the time, you can put the money into the long-term care policy and still get a good death benefit.
And the future benefit for long-term care could easily be worth more than $1 million.
Before this policy pays out benefits, you have to wait 90 days. The benefit can last for as little as 4 years or as long as your whole life. You can also get an inflation protection rider with 5% compound interest to help keep up with the rising cost of care.
MoneyGuard is the name of this plan. A long-term care rider is added to a universal life insurance policy. Lincoln Life, which is a part of Lincoln Financial Group, is the company that is giving out the life insurance.
By the way, First Penn-Pacific Life came up with this policy a long time ago. They have been doing this for years and have a great reputation. Lincoln bought First Penn-Pacific not long ago.
Ask your life insurance agent for more information about this policy with a single payment. In the right situation, it is the best guarantee a long-term care policy can offer.
