Long-term Elder Care and Life Insurance:

In order for your lawyer to create a comprehensive estate plan: you need to review not just your documents. But also your portfolio of assets to ensure that you are protected from future events. One of the biggest reasons people have a sharp aversion to life insurance is because they are writing a big fat check for a product they hope they will never use. You can purchase plans that let you prepare and cover life insurance. While ensuring that your potential elder care needs are addressed.

There has been a steady increase in hybrid products that mix long-term care with life insurance. One benefit is you lock in a payout for your spouse or kids, even if you do not use the long-term elder care benefit. If you do need the long-term care benefit, it generally kicks in when you need help with your ADLs (“activities of daily living.”). Depending on the policy they can either pay you a monthly amount or reimburse you for expenses paid.

These policies are relatively new and people selling them may not have much experience with those who have tried to collect an elder care benefit. That is why it is important to sit down with a trusted adviser. In order to make sure the plan is right for you. Often, these products may be a tax benefit or a way to lock in rates. This allows you to avoid a future rise in premium.

Although these options are not for everyone. They may help create a more complete estate plan including elder care for you and your loved ones.