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)..

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 information is sold to as many as four different agents. Some of the things that I recommend to consumers who wish to purchase life insurance on the web is to check out who owns the site and who is going to be your actual agent. Find out if the agent is involved in their professional associations or if they have any advanced insurance credentials i.e..

Chartered Life Underwriter(CLU). Check out their track record in the business, find out if the site going to actually sell you the life insurance products or are the going to sell your name as a "lead". One way to check this out is to see if the site offers to give you instant quotes. Most "lead sites" will not offer you a free quote, they will just collect your information and sell it. Once you have found a site that you are comfortable with only apply with one agency.

Let the one agency find the right product for you. Applying with several agencies only throws up red flags with the insurance companies.In conclusion, term life insurance is a very important in one's life and buying it on the web is becoming more and more acceptable to consumers and finding the right agency and the right agent to do business with may be a little difficult but well worth it to your family and loved ones..

For example, annual renewable policies increase your premiums every year and thus may appear to be more expensive than level term policies where the premiums never increase (although the initial premiums for a level term policy will be higher). But, in fact, level premium policies may involve higher costs over the policy's full term, and become particularly expensive when you try to renew your policy at the end of the term. This is why you do have to compare term life insurance quotes.Some of the factors that influence your term life insurance rates are:? Whether or not you smoke. Tobacco users are twice as likely to die as non?tobacco users while they are insured. Life insurance companies take this into account when they set their premium and cash benefits levels.

You can save from 20% to 30% on premiums by quitting smoking. ? Medical Record. If you have a terminal illness, it is unlikely that any life insurance company will issue a policy. In the case of heart disease, you will get a policy but your rates will be high? Occupation. if you work in a dangerous occupation, such as working on a ship that carries gas, this will put you into a higher bracket when it comes to getting rates for term insurance.

You will have to shop around to compare term life insurance quotes if you are in this category. Term life insurance rates vary a lot, and you can do something about your premiums by taking some decisions to become more healthy, like giving up smoking..

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 trust the most. Insurance companies, through an independent insurance broker, will gladly offer you disability insurance quotes free of charge. You can get quotes online now which is the easiest way as you are not being pushed by an agent.It is important to purchase your insurance from a company that you trust, because you need the company to be there if you need them. When you get your quotes, be sure to ask questions about the company and the specifics of the policy. Disability insurance needs to be tailored to meet your needs and complement any existing insurance policies that you may already have.

Again, be certain that you are buying the plan that meets your needs completely.Probably the most important thing for you to do, is to read all the provisions of the policy before you buy it..

However, since there is no investment component with this type of life insurance, you do not build equity.

People who are younger and in better health, particularly non-smokers and people in the normal weight range for their height and gender, typically get lower premium quotes. And because the incremental cost of getting all the coverage you may need is very small, it is better to focus on getting this coverage instead of signing up for riders such as accidental death or premium waiver riders, which just add to the cost of your premium. Another way to save money is to pay your entire premium on an annual basis, rather than monthly. Many insurers charge more for monthly payments.

You may not need life insurance if you don't have any dependents.

However, if you do, you can opt for the term that works for you. This is the time period in which you expect that you will no longer have any dependents, either because your children have grown up and become financially independent, or because you will retire at 65 and start receiving retirement benefits then.

Always get several quotes from insurers, and negotiate if you think the premium being quoted is unreasonably high. It's a good idea to independently verify that your insurer has a high rating. .

Failing to realize that term life insurance is temporary. A term life insurance policy will only be in effect for a set period of time. After that time expires you will need to renew, and if your health has deteriorated in that time it may be very difficult for you to obtain another policy.3. Purchasing life insurance from an unknown or unstable insurance company. If the insurance company you choose does not have at least an A rating, walk away and look elsewhere.4.

Buying life insurance from an over-anxious agent. If the agent does not take the time to ask questions and understand your needs, end the conversation immediately and find a different agent.5. Failing to review your policy on a regular basis. Changes in your life, your employment, and your finances can affect your life insurance needs. Take the time to analyze your situation from time to time to determine if your insurance needs have changed..

It can also be used to send your children to college, pay outstanding debts and taxes, pay your burial expenses, and provide a continual stream of income for your spouse and surviving children.

When you shop for term life insurance, look for a term life policy that will be in effect for the number of years between now and your retirement age. At the very least, you should carry term life until you reach the age of fifty, and then shop for insurance that cannot be cancelled as you continue to age. Make sure that the coverage amounts are high enough to provide for your loved ones, and take inflation and higher costs of living into consideration as well..

Other than being a cheaper option, term life insurance is better in other aspects when compared to a mortgage life insurance. There are much personalization options available for a term life insurance policy. The proceeds from a term life insurance go directly to the beneficiaries instead of the lender, so the money can be used by your dependents as desired which could be even to pay off other debts. Term life insurance also pays a death benefit. According to NAIC (National Association of Insurance Commissioners), the companies pay almost 90 cents to the dollar in benefits for term life insurance policies.

Typically the whole life insurance will be 2 to 3 times costlier than a term life insurance.

Term life insurance offers the cheapest alternative to provide insurance coverage for your dependents. It has allowed individuals under budget-crunch situations to buy policies with larger payout amounts due to the limited term of the coverage. So, if you can renew your term life insurance regularly during your lifetime, you have actually found an affordable alternative to expensive whole life insurance..

They would do the best for you, no doubt about it, but it's just not fair for them.Bankers provides long term care for you and your family,with plans designed for every household. If you really care on taking care of them, Bankers long term care insurance is the only way to go; because long term care begins where a plain medical ensurance ends; it does not only cover hospital and medicine costs, it lets you adapt to your new life, helping your loving ones to take care of you the best possible way. In short, it helps you live with dignity..

The money could assist with costs such as:* Mortgage repayments* Funeral costs* Education costs for the children* Day-to-day livingOne of the reasons that level term life insurance is a fair bit cheaper than other life insurance is because the insurer only has to make a payment if the insured party passes away, and even then the insured party has to die during the term of the policy for the next of kin (or the named beneficiary) to be eligible for a payout. One of the great things about levels term insurance is that you can benefit from cover for just a few pounds each week, and because the payments remain the same throughout the term of the policy, you'll never have to worry about rising payments. The reason why a level term insurance policy is so called is because the repayment remain level throughout the term of the policy, so you will never have to worry about the cost of your policy rising. The policy is also taken over a fixed term, which is where the ?term' part of the policy comes in. This means that you can enjoy easy budgeting and low cost repayments, and you'll know exactly how long you will be making payment for.

On the downside, once the policy expires you will not be able to reclaim any money and the policy will be cancelled, so you will then need to look at taking out alternative life insurance cover. The average term of a level term life insurance policy ? unless otherwise specified ? is fifteen years. There are a variety of factors that contribute to the cost of the policy such as whether you go for the most basic package or whether you include a bolt-on such as critical illness cover, whether you are a smoker, your general health, and the term over which you take the policy out.Whole Life InsuranceUnlike level term life insurance, whole life cover offers a guaranteed payout, which to many people makes it better value for money in the long run. Although the repayments on this type of cover are more expensive than level term insurance, the insurer will make pay out whenever the insured party passes away, so the higher monthly payments will guarantee a payout at some point.There are a number of different types of whole life insurance policies, and consumers can select the one that best fits their needs and their budget. As with other insurance policies, you can tailor-make your whole life insurance cover to include additional cover such as critical illness insurance.

The variations on whole life insurance cover include:Non-profit UK whole life insurance policies: This is the simplest form of whole life cover, and enables you to enjoy the convenience of level payments through the term of the policy until you die. Upon death, your family received a payout and the policy becomes null and void. If you want to pay a little extra, you can take out a policy that is fixed over a specified term, which means that you will only be making payments for a certain amount of time, but your family will still receive a payout when you die.With-profit UK whole life insurance: This is a cover and investment type scheme, where your monthly payments are split between your cover premiums and the investment side of your policy. You will enjoy a guaranteed assured sum, and you may find that your insurer adds discretionary bonuses. Low cost UK whole life insurance: One of the cheapest forms of whole life cover, this type of policy features a decreasing term plan, and the policy is combined with a profits fund.

As bonuses are added to the profit side of the policy, the policy term decreases. This provides a cost effective solution for those that want to enjoy the benefits of whole life insurance cover without having to make high monthly payments.Unitised UK whole life insurance policy: When you purchase this type of whole life cover, you will also be investing in with-profit units. This means that when the insurer makes a payout, the sum awarded will be dependant upon the value of the units in comparison to the value of the death benefit (the payout will be based upon whichever is the highest in value). Each month units are cancelled in order to increase levels of death benefit cover, with reviews carried out from time to time to ensure adequate levels of death benefit cover. SummaryBoth level term insurance policies and whole life policies offer valuable peace of mind to policyholders.

The cost of this type of life cover is a small price to pay for the peace of mind that comes with being protected, and you can increase this peace of mind by adding extras such as critical illness to your policy for just a small extra fee.As a nation, we like to insure just about everything we can?our cars, our homes, our belongings, our pets, and even our credit repayments. It therefore makes sense that we should insure the most important thing of all ? our lives..