Long Term Insurance
As all of us age, it becomes more and more evident (both internally and externally) that time and the aging process is inevitable and, therefore, need to be addressed from both a financial and emotional perspective. This usually becomes a poignant issue around age 50 to 60 depending on the individual and his/her personal health and financial circumstances.
What it does:
- Protects your savings and investments.
- Takes the financial and emotional burden off your family.
- Allows you to maintain the independence that you’ve enjoyed your entire lifetime.
Long term care insurance is not right for everyone and you should not buy it if:
- You can’t afford the premiums
- You have limited assets
- Your only source of income is Social Security or SSI
- You often have trouble paying for the basic bills
You should consider buying Long term care insurance if:
- You have significant assets and income
- You want to protect some of your assets and income
- You want to pay for your own care
- You want to stay independent of the support of others