Some people will be able to rely on their children or others to help out with care. Perhaps you have equity that you could use to pay for care in your later years? It's also worth looking at your physical health and your family history to see if you have a higher risk than others of needing care.
Traditionally, long-term care insurance means paying annually for financial assistance when you need long-term care, including assistance with daily activities like dressing, eating, or bathing. It may or may not surprise you to learn how few people are in a position to pay for care like this. Most people who begin saving for their later years are surprised by how much more they need to save per year to make ends meet. The good news is that there are various solutions for long-term care, and how to finance it.
Insurance Solutions to Suit Your Needs
One solution that may interest you is to use a whole life insurance from which you can draw money for long-term care. We could describe this as a hybrid policy. If you don't need long-term care in the end, the money will benefit your heirs, or you may be able to invest or use it yourself. An advantage of this type of policy over others is that you can lock in your premium upfront.
Another potential option is to invest in a fixed annuity with long-term care benefits. By investing in this type of fixed annuity, you can use its value to cover your first few years of care. Beyond that, you could protect yourself with additional coverage.
A more typical insurance policy may be more cost-effective, though. The policy that's right for you will depend on your circumstances, your attitude to risk, and your thoughts about the future. We are looking forward to talking with you to determine what policy or plan will be best for your future and the future of your heirs.
We are happy to go through the options with you. We are open to your ideas and pride ourselves on flexibility. We will provide tailored solutions to you based on your needs and desires.
The Best Time To Get Long Term Care Insurance
If you haven't already started, now is the best time to start thinking about your long-term care. No matter your age, every year that you delay making a choice about your long-term care increases the likely expense.
The language around long-term care insurance can be confusing at best and deliberately misleading at worst. Give us a call if you'd like to bust through the jargon. What's important is that you are protected in case of all the scenarios. We will discuss these with you openly and straightforwardly. If there is anything you don't understand, just let us know, and we will be happy to clarify.
How We Can Help
We have years of experience, and life insurance and long-term care sectors are particular passions for our team. If you're looking for a specialist who cares about clients' lives, you've come to the right place. You'll find us courteous, prompt, respectful, and clear in our explanations of policies and ideas.
If you've heard stories about clients missing out because they didn't lock in premiums and interest rates changed without notice, we've heard these stories too. We are here to protect you and your investments and your future. We will be conscientious and transparent about long-term care and what we can do for you. Contact the Ryan Braden Agency today
for the information and advice that will help you identify the most appropriate solutions for you.
Long term care insurance is a very complex product. Even if you don’t medical qualify there are other possibilities that we can find to help you at the Ryan Braden Insurance Agency. We highly recommend that you speak to us so we can tailor the product that fits your needs.