People are living longer, but with rising healthcare costs, many retirees worry about making ends meet if they need long term care. Having a Universal Life or Whole Life insurance policy is one step to securing your finances in the event of a disability. Add a long term care rider to bring in individual disability income to offset the health bills that come from a serious illness or cognitive impairments.
Effects of Aging on You
As we age, health declines for most of us the longer we live. Maintaining independence is harder if an unexpected illness or cognitive decline happens. Planning ahead helps you stay more independent and in control of your future.
Effects of Long Term Care on Family
Beyond the effects aging has on your health both physically and mentally, long term care can place a financial burden on loved ones. While they may not be able to physically care for you, nursing homes, home health care and assisted living facilities are expensive. By having a long term care rider on your life insurance policy, you help take away the financial burden on them.
Individual disability income combined with life insurance can help you and your loved ones handle the burden of long term care. Even if you don’t think you will need it, talk with your insurance provider. The cost of the rider likely is significantly less than supplementing your income in the event of a stroke, Alzheimer’s disease or accident.