(Long Term Care Insurance) ?LTCI? You May Not Even Know What it is? But There?s a 50% Chance That You?re Going to Need it.
(ContentDesk) November 25, 2004 -- Although it's been around for more than 35 years, LTCI is perhaps the least understood product in the insurance family. Only 6% of Americans have it. Yet a full 50% of us will need long term care at some point over age 50.What exactly is long term care? It's the assistance you may need if you become unable to care for yourself because of prolonged illness or disability. LTCI provides coverage for such care, whether received in a nursing home?or in your own home. And as the American population ages, the need becomes more real.
Today, there are an estimated 35 million Americans age 65 or over. By 2030, there will be 18 million Americans over the age of 80. Baby boomers are just beginning to understand the importance of long term care.One of the myths of long term care is that Medicare will foot the bill. But Medicare pays just a very small percentage of nursing home care. And eligibility is very restrictive.Like health insurance, LTCI offers tax advantages.
Benefits are tax free and premiums are deductible. Group coverage is portable, which means employees can take their coverage with them if they leave the company.
Employers may deduct the cost of premiums for employees?which may be why more employers are adding LTCI to their benefit portfolios. In fact, Federal employees were offered LTCI for the first time. As the country's largest employer, the government sets the tone for the rest of industry.The average stay in a long term care facility is 2? years.
The average national cost for nursing home care? It exceeds $4,600 a month. And perhaps most shockingly, 40% of LTCI beneficiaries are under age 65.That's one reason why the best time to purchase LTCI insurance is in your late 40s or 50s. It's likely you're healthier, which makes you more insurable?and premiums lower. Premiums are spread out over your expected lifetime, so it's cheaper to buy at 40 than 70?and you have protection in case you need it.LTCI benefits range from $100-$300 a day. Policy duration may be two, three, four or five years, or of unlimited duration.
Inflation protection is optional.Murray Gordon is the president of MAGA LTD, a long term care insurance agency located in Deerfield, Illinois. (847-940-8866, www.magaltc.com)..
Term life insurance: Money-saving tips (they do exist)!
Term life insurance is the most affordable way to protect your family's future. As inexpensive as term life insurance is, there are money-saving tips that will ensure you are paying only what you need. Get the most value for your dollar by checking out the following helpful tips that will save you money while still getting great protection.
1. Get coverage early ? the sooner you buy life insurance the less your annual premiums:
Some people are gamblers by nature and choose to take their chances by skipping out on life insurance.
Although it is unlikely you'll die during your working years, you're not insuring for what's likely to happen but instead, for the worst-case scenario. That's why term life insurance costs less the younger you are. It is also why you should buy it sooner rather than later?because you'll be providing financial security without spending a lot of money for it.
For example, if we look at the cost to purchase a $250,000...
Term life insurance > Term life insurance: Money-saving tips (they do exist)!
Life Insurance Beneficiaries
Naming a beneficiary for your life insurance policy can be a difficult decision to make, not to mention a tricky procedure. A person needs to research the different types of beneficiaries and the different ways to go.In naming a life insurance beneficiary, a person should always specifically name and individual or organization and state the proceeds go to the beneficiary. Multiple beneficiaries may also be another option to your life insurance policy. There is no limit to the number of beneficiaries on a life insurance policy. But, again, they need to be specifically named and the proceeds that they are to receive are to be indicated on the policy.A contingent beneficiary is the person to whom a person bequeaths their assets to in the event that their primary beneficiary also dies.
It is extremely important to ad a contingent beneficiary to your life insurance policy. If there is not one named and the primary beneficiary does die, allot of unnecessary taxes and fees will be charges...
Life Insurance Beneficiaries
Term life insurance > Life Insurance Beneficiaries
Term Life Insurance and Permanent Life Insurance
Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value. Now let's look at the pros and cons for term life insurance and permanent life insurance.
Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the end of the term. Also, the premiums increase with ages. Besides, paid-up insurance and cash value are usually not offered....
Term Life Insurance and Permanent Life Insurance
Term life insurance > Term Life Insurance and Permanent Life Insurance
Estate Planning - What About Life Insurance?
Copyright 2006 Ronald Hudkins
Not too many years ago life insurance was considered to be the indispensable platform upon which all other estate planning efforts should be based.
In fact, for those in the median and lower income ranges, it was often the only recognized method
for protecting one's heirs, particularly in the event of untimely death.
However, over the past twenty or so years, the concept of financial planning has changed considerably. The proliferation of varied retirement plans available through work (IRAs, SEPs, SARSEPs, mutual funds, etc) has changed people's perspectives about the need for life large life insurance policies.
Does that mean that you don't need life insurance?
No.
Most people, perhaps with the exception of the very wealthy, do need some sort of life insurance, although even the very wealthy may opt for a life insurance policy (generally whole life) to defray the costs of burial and...
Term life insurance > Estate Planning - What About Life Insurance?
Long Term Care Insurance and Suze Orman - The Ongoing Controversy
Copyright 2006 Clay Cotton
Long term care insurance is an obvious "must-have' for Americans with assets and families to protect and with discretionary income to afford the premiums.
While Suze Orman publicly promotes this coverage as the foundation of your financial plan, we wonder if she ought to put even MORE emphasis on LTCi protection
People all-too-often assume that long term care is just for the elderly, and
it's shocking to learn that over 40% of nursing home residents are currently under age 65.
In fact, because of my advanced Multiple Sclerosis, I would be in a nursing home right now if I had LTCi coverage to pay for it, and if my beloved wife, Kimberly, would agree to let me out of her sight.
In any case, while Suze Orman is clearly America's most popular financial advisor, she is also America's most visible proponent of long term care insurance.
This is a good thing for all of us since, of every...
Term life insurance > Long Term Care Insurance and Suze Orman - The Ongoing Controversy
Long Term Care Insurance and Suze Orman - The Ongoing Controversy
Copyright 2006 Clay Cotton
Long term care insurance is an obvious "must-have' for Americans with assets and families to protect and with discretionary income to afford the premiums.
While Suze Orman publicly promotes this coverage as the foundation of your financial plan, we wonder if she ought to put even MORE emphasis on LTCi protection
People all-too-often assume that long term care is just for the elderly, and
it's shocking to learn that over 40% of nursing home residents are currently under age 65.
In fact, because of my advanced Multiple Sclerosis, I would be in a nursing home right now if I had LTCi coverage to pay for it, and if my beloved wife, Kimberly, would agree to let me out of her sight.
In any case, while Suze Orman is clearly America's most popular financial advisor, she is also America's most visible proponent of long term care insurance.
This is a good thing for all of us since, of every...
Term life insurance > Long Term Care Insurance and Suze Orman - The Ongoing Controversy
Disability Insurance for the Long Term
Disability insurance covers you for an extended period of time. Should you be injured or take ill and as a result be unable to perform the duties of your employment, you will be covered under short term disability, then long term disability insurance will cover you. The coverage can be for a period ranging up to five years or until the disabled individual turns sixty five.Long term disability insurance is often provided by your employer as part of your benefits package. If you purchase it on your own, the benefits are tax free.Disability insurance on an individual basis makes great sense as if involved in an accident you are more likely to be disabled than die. Therefore it can be argued that it makes more sense to buy long term disability insurance than life insurance.Disability insurance policies differ from one provider to the next.
It is important that you do your research and find the disability insurance policy that best meets your needs with the insurance company that you...
Disability Insurance for the Long Term
Term life insurance > Disability Insurance for the Long Term
Buying Term Life Insurance on the Internet
In the last few years the growth of term life insurance sales via the Internet has exploded and created many new on line life insurance agencies. In the past consumers were skeptical about buying any products or services on the world wide web, however, because of the advanced technologies with regards to privacy and security, most consumers are becoming more and more comfortable purchasing products and services on the internet. Because of all of these new on line agencies the consumer is offered more choices in regards to purchasing term life insurance. There are basically two types of agencies on the web. The first type like mine www.ultimatetermquotes.com is a true seller of term life insurance products.
We are licensed in all 50 states and our intention is to sell the life insurance products to consumers. The second type of agency is one that is merely in the "lead business". When a consumer inquires about term life insurance by filling out basic information, their name and...
Buying Term Life Insurance on the Internet
Term life insurance > Buying Term Life Insurance on the Internet