One of the best ways to prepare for the future is to plan for unexpected events or circumstances that can impact you and your family's financial situation. When faced with the prospect of caring for loved ones who depend on you financially if you can't be there for them, many people ask themselves the following questions:

  • Will my spouse be protected financially?
  • What will happen to my business?
  • What happen to my estate? Will my kids be saddled with a tax burden?
  • What happens if I needed to stay in a nursing home? Will I be able to afford it?

The answers to these questions lead people to explore their options with insurance policies. When choosing an insurance policy, you have several options to meet your financial goals. Life insurance has many uses, including income protection and replacement, business continuation, and estate preservation. Long-term care insurance provides traditional financial protection against the potentially high cost of long-term care.

Life insurance with long-term care riders is another option to consider. This type of insurance combines a tax-free death benefit with a long-term care benefit. Should you need it, the long-term care benefit is deducted from the death benefit. However, unlike a stand-alone long-term care policy, if the money is never used or is only partially used for long-term care needs, it becomes a tax-free death benefit to beneficiaries.

This is an effective way to protect your assets and provide a cushion in case of estate taxes in the event of your death. We look at policies with fixed premiums over a specified number of years (ranging from a one-time payment to a 10-pay policy).

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Contact Us to discuss what type of life insurance or long-term care protection is right for you and your family.