Mar 3, 2010

News

It is not uncommon, crazy, or wrong to think that one will need some type of long-term care at some point during life. For a large number of Americans who do reach the milestone of birthday number 65, many will have to pay for some type of long-term care. This means the question of whether or not to add long-term-care coverage onto one’s life insurance policy is a lingering one.

Long-term-care coverage means the expenses of a nursing home and some at-home care services will be covered. Who is to say that one will ever need either of these services though? The coverage is expensive, and the decision is difficult. On the other hand, the added long-term-care coverage to a life insurance policy does provide peace of mind, knowing that there is financial protection for heirs.

There are a few things one might consider when making the decision whether or not to add a long-term-care coverage onto a life insurance policy. These factors include the probability that a nursing home stay will be necessary, cost of a nursing home or at-home care without insurance coverage, and if it will provide peace of mind for all parties that would be involved.

Further, does illness or disease run in the family? What is the financial situation of the heirs that will be left to take care of expenses should anything happen? What kind of time period flexibility is there? What upfront funds are available to add such coverage to a life insurance quote?

After taking all weighing factors into consideration, remember that funds for savings should remain available. Just because long-term-care coverage is added to a life insurance policy does not mean there will be zero costs for care services.

Likely or not, think about costs and determine what is most beneficial. Just do not dwell on it—after all, everyone knows what is best for his/her situation and making such decisions should not interfere with living life to the fullest. So, weigh the life insurance options, decide, then go out and have fun—there is only one life to live, do not waste time and certainly do not waste money on something that will likely not be needed.