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Life Insurance with Dual Protection Benefits

October 7th, 2011 Posted in Uncategorized

By Steven Schiewe/CIC, President GII

Planning for the future, we all want to do that, but many of us are just too busy or distracted to achieve this wish or desire to prepare for our financial needs in our later years.  Life insurance with “dual protection benefits” could be your answer to being prepared to cover costs of both long term care and end of life benefits.

The Dual Protection Life & Long Term Care insurance product can offer a unique double faceted benefit of providing both living and after death benefits for the insured, financial assistance to pay for professional long term care when assistance with basic life functions becomes a reality and eventually as a life insurance benefit for your assigned survivors .  Asset protection is a major goal in your estate planning and this unique product can achieve alternative solutions which will give you a financial sense of security.

When you can no longer perform some of the basic activities of normal daily living you may need assistance or long term care.  These 7 basic activities of normal daily living (NDL) are:

  • Eating
  • Bathing
  • Dressing
  • Toileting
  • Transferring (walking)
  •  Continence
  • Cognitive

Long term care can be provided in a nursing home, assisted living facility, some public facilities and even assistance can be provided in your own home.   The American Council of Life Insurers in 2007 stated approximately one in four Americans between the ages of 65 and 74 and 62% of those over 85 years old suffer some limitation of these normal daily living activities.  Furthermore in their February 2007 Long Term Care Pricing Research Study it was stated that the average annual cost to provide care in a nursing home could be as high as $65,000 and today in 2011 we can assume that cost is even greater now.  The study looked further into the future and projected in 20 years time that same cost for long term care assistance in a nursing home could be as much as $207,000.

The question now is who is going to pay for this necessary service?  There are many people that believe Medicare covers these costs.  Medicare coverage is actually very limited, and it is likely that you will be paying large out-of-pocket amounts for the service.  And did you know that health insurance normally does not provide a long term care benefit.  So, would you prefer to self-insure for this potential event in your life, or would you rather prepare for it now in a way that will protect your assets from being drained rapidly in the event long term care becomes necessary?

Planning should be done while you are able to clearly think about what is important to you as you reach your later years… before it is too late you should consult with your insurance agent and perhaps in coordination with your attorney to build a financial protection plan employing this unique product that is both Life Insurance and Long Term Care coverage.  Plan now for your future financial needs; speak with your Grosslight Insurance agent about this unique Dual Protection Benefit coverage.  Our professional agents can help to make your future be more secure and less mysterious about who will pay for your needs in the later years.  Highly-rated and financially sound insurance carriers underwrite and issue your policy.  Prepare now and pay for some of those large expenses you may incur as you grow older; plan now and perhaps you will not have to deplete your “nest egg” or portfolio or put the financial burden onto someone else.