Owning a life insurance policy may not be enough to fully protect you, your family, and the financial assets you have accumulated over the course of a lifetime. What happens if you experience a serious decline in your health and require long-term health care?
It can be very expensive if you become chronically ill and need to hire an in-home nurse to help you with daily activities like bathing, dressing and preparing meals. When you are talking to your independent insurance agent about life insurance, you should ask him or her about adding a long term care rider. If you become ill or disabled, having this important endorsement can provide you with the money you need to pay for long-term health care.
Most people are reluctant to tap the value of their life insurance policy to get needed funds for long-term care. If you do surrender your policy for its cash value, or sell your policy for a lump sum of cash in the secondary market for insurance, your beneficiaries will get nothing upon your passing.
Your independent insurance agent can be a great source of information on the best way to plan for your future financial and health care needs. If you live anywhere in Southern California, please contact Stacy My Insurance Lady for further information about adding a long term rider