Develop Your Plan
Although traditional long term care policies remain the cornerstone of a great strategy to prepare for the likelihood of chronic illness striking your family, we have discovered a powerful new way to use life insurance to meet those needs or supplement existing coverage.
- Modern life insurance policies can now allow you to have access to large pools of money for long term care without paying extra monthly premiums.
- Many policies actually have riders built in, at no additional cost, that will allow you to take some or most of the death benefit out to fund long term care while you’re still alive.
- Many individuals have found that by placing a lump sum inside this kind of policy, they can turn $1 into $2, $3, $4 or even $5 of death benefit that can in turn be used for long term care when needed – we call this leverage – one of the key benefits of life insurance.
- Additionally, some policies can provide a little less leverage with the option of keeping all of your premium liquid in case you need it back.