Insurance

Life

Many people obtain life insurance when they first have children and then forget about it. But an effective financial plan includes re-examining your life insurance needs continually throughout your life to ensure the assets you’ve accumulated are protected and can provide additional opportunities to create wealth for you and your heirs.

Long Term Care

The growing interest in long-term care insurance can be attributed largely to the aging of America. According to the U.S. Census Bureau, the median age in the United States was 36.4 in 2006 — the highest ever. This demographic shift is due to the 76 million Baby Boomers, the last of which will reach age 65 by 2030.

The U.S. Department of Health and Human Services estimates that about 40% of people aged 65 or older have at least a 50% lifetime risk of entering a nursing home. At a time when the average cost of a private room in a nursing home is nearly $75,000 annually — long-term care insurance can be viewed as a solid investment for those who have assets to protect or who want to avoid becoming a financial burden to their families.

IUnlike other types of insurance, in which policies are fairly standardized, long-term care policies are complex and vary widely. Virtually every company’s policy differs on such matters as who qualifies for coverage, when the policyholder can begin receiving benefits, premium costs, etc. Therefore, before you begin comparing policies, it is important to understand some of the basics

Because of the many variables involved in determining whether long-term care coverage is right for you, it is important to do your research. There are many information resources available on long-term care and related health care issues. I welcome the opportunity to schedule a meeting with you and discuss the best possible long-term insurance options for you.