Is Life Insurance Important?...

Life insurance needs vary depending on your personal situation. If your salary is important to supporting your family, paying the mortgage or other recurring bills, or sending your kids to college, life insurance is important to ensure that these financial obligations are covered in the event of your death.

Is Long Term Care Insurance is Essential?

It is very important that all of us invest some time to planning for potential long term care needs related to insurance of our health and property. Today, the cost of living is increasing day by day and the financial conditions have become so unstable. That is why it is necessary for all of us to discuss the need for long term care insurance.

Life Insurance – Top 10 Reasons

1. Income replacement - Proceeds from a life insurance policy can step in to pay the bills when income from the insured is lost due to death.

1. 2. Burial and other final expenses - The death of a loved one is hard enough without having to worry about your funeral costs, which can be well over $10,000
2. 
   3. Mortgage protection - A family may lose their home if a life insurance death benefit is not available to help pay the mortgage.
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   4. Lock in a low premium at a young age - Over time, as people age, premiums increase. The best time for you to buy life insurance is today.
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   5. Transfer wealth to family - You can leave more money to your family with a life insurance policy as part of your estate.
5. 
   6. A tax-advantaged way to build cash value - You can realize tax advantages by utilizing policies that build cash value.
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   7. Provide funds for college education - College is expensive. Life insurance proceeds can help ensure that college loans are paid even if you aren't there to help.
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   8. Meet evolving needs with a variety of product options - Needs change over a lifetime. You may want to look for a different type of policy or lower premiums to suit new life circumstances.
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   9. Supplement employer-provided life insurance policy - Employer-provided life insurance alone may not be adequate to cover your family's financial needs.
9. 
   10. Pay estate taxes and create estate liquidity - When an estate is inherited, certain taxes must be paid. Life insurance may step in to cover your estate costs.

 

Long-Term Care Insurance – Top 10 Reasons

1. Protect Your Assets and Retirement - Nursing home care can range between $4000 and $8000 per month for a private room. Home Health Care services can cost as much as $19 per hour. Long-term care insurance can protect these assets by covering these high costs.

1. 
   2. Preserve Your Independence - Most long-term care insurance policies today allow you to have choice and remain independent as long as possible, while allowing you to receive care in your home or a community setting, instead of immediately entering a nursing home.
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   3. Avoid being a Burden on Others - Most long-term care today is provided by a family member or loved one. With most long-term care insurance policies you have the option to pay for home health care aide or homemaker to come into your home and provide your care. Instead of being a burden to a loved one.
3. 
   4. Avoid going on Medicaid - To qualify for Medicaid you would have to be in a low income bracket, deplete all of your assets on long-term care services, or spend down all your assets unless you choose a long-term care insurance partnership policy.
4. 
   5. Tax Advantages - Many states offer a tax deduction or special tax credit for purchasing long-term care insurance. In addition, Tax-Qualified policies allow your
   premiums to be added to your other medical expense deductibles, and then deducted from the amount which is more than 7.5 percent of the adjusted gross income on the federal income tax return.
9. 6. Medicare Won't Pay Fully - You should not rely on Medicare to pay for all of your long-term care needs. Medicare strictly provides skilled care for a short period of time and most LTC is not skilled care, nor is it short term.
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    7. If you have a family history of a chronic disease or longevity it is a good idea to purchase long-term care insurance.
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    8. If your age and health permit, purchase long-term care insurance. Typically, as you get older health problems occur and you may be uninsurable. Therefore it is a good idea to buy long-term care insurance before it is too late.
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    9. Your gender - women are more likely to need long-term care services than men, 75% of women are nursing home residents.