No one likes to think about needing help doing things, like with dressing, bathing, eating…. the kind of help its very likely someone you know is needing and getting right now. Maybe its one of your parents, uncles and or relatives, who are probably spending tens of thousands of dollars right now.
It’s because about 60% of Americans who turn 65 can expect to use some form of long-term care during their lifetime. That’s 2 out of every 3 of us. Call it one of the biggest problems facing our Nation, and our individual financial security.
Yet few people have a plan to make sure that they don’t have to sell assets at the wrong time, liquidate stock and pay taxes, or worse, to make sure they can pay for this kind of healthcare -something Medicare doesn’t cover!
Not being insured can be the single biggest devastator of every financial plan.
Looking forward, not many people will ever want to willingly move to a nursing home or health care facility – they will want to be at home – wouldn’t you??
Ironically there aren’t a lot of insurance products available to address this need, but here’s a clever twist:
Turn your term life insurance policy into a “cash cow” if you ever needed money for healthcare. Here’s how:
There are a few ‘niche’ insurance companies who sell term life insurance “with a twist”: The policies have living benefits attached to the policies, provisions that will pay for chronic and critical illness – the same triggers as a long-term care policy!
How it works: you get to draw against the death benefit -while you’re alive- to pay for care. Think of it like springing value from a empty oil well. Except you must have the right policy. (It’s not your Fathers’ term life policy”). It’s a new concept only a handful of insurance companies offer, one that isn’t largely marketed.
Would you pay 10% more to get a term life policy that you could draw on during your lifetime? What other asset or instrument can produce this result? (Think “ REFINANCING YOUR TERM POLICY JUST LIKE YOU REFINANCED YOUR HOME”.)
Obviously, you have to qualify, and this approach won’t work for everyone. But, don’t wait till your health changes to address this issue.
Creating a plan for tomorrow, using the newest strategies and products, and advancing your planning could save your family hundreds if not thousands of dollars, and create the life and comfort you spent a lifetime accumulating and protecting.
Turn your term life insurance policy into a
“cash cow” if you ever needed money for healthcare.