The Finance Forums

The Finance Forums (http://www.thefinanceforums.com/index.php)
-   Insurance (http://www.thefinanceforums.com/forumdisplay.php?f=6)
-   -   Ten Benefits of Long Term Insurance (http://www.thefinanceforums.com/showthread.php?t=5139)

Codav Enterprises 03-17-2011 11:02 AM

Ten Benefits of Long Term Insurance
 
There are many benefits to having long-term care insurance. Long-term care isn't something we tend to think about before the need arises. Some assume that they won't need it for one reason or another. Others just don't want to consider the possibility that they might. But according to research by Conning and Company, 60% of those who reach age 65 will eventually need long-term care. A growing number of people are purchasing long-term care insurance to cover their needs as they age.
Still, these people are in the minority. If you're on the fence, here's a list of ten important benefits of long-term care insurance for your consideration.

1. Long-term care insurance can help protect your assets. A stay in a nursing home is one of the most frequent reasons that the elderly lose their homes and other property. By having long-term care insurance, you can reduce your chances of having these things go up for sale instead of being there for your heirs.

2. A good policy will pay for more than just nursing home stays. More and more policies are now covering assisted living, home care and respite care expenses. So even if you don't want to end up in a nursing home, long-term care insurance can be beneficial.

3. Long-term care insurance gives you more choices when it comes to long-term care. If you rely on Medicare or Medicaid, your options will be severely limited. You may not even be covered depending on your situation. With long-term care insurance, you can choose your facility or caregiver.

4. Providing for long-term care eases the burden on your family. You won't have to worry about your spouse or children endangering their health or disrupting their lives to provide care for you around the clock.
5. You may be eligible for tax deductions if you purchase long-term care insurance. Those who itemize deductions may deduct premiums that exceed 7 ˝ percent of their adjusted gross income.

6. If you receive benefits from your insurance, they generally are not considered taxable income. Currently, the main exception to this rule is that policies that pay a certain amount per day are taxed if the exceed the maximum allowable amount. This limit is adjusted periodically for inflation.

7. You can adjust your policy to fit with your budget and needs. You can choose the maximum number of years for which care will be covered. Many insurance companies also offer inflation protection for an additional fee.

8. You don't have to pay premiums from a young age. Purchasing a policy at age 50 will give you a reasonable rate. After age 50, however, premiums rise considerably for new policyholders.

9. Insurance companies generally offer lower rates for couples who purchase a policy together. Check with your insurance company to see if they offer such a discount.

10. Long-term care policies are offered through some employers. These policies usually come with lower rates than you would pay for an individual policy. If you purchase a policy through your employer, make sure you can keep that policy if you leave the company or retire.
When it comes to insurance, there are good policies and bad policies. Long-term care insurance is certainly no exception to this rule. It's important to do your research and find a policy that provides good coverage. Doing so will help you rest assured that your long-term care needs will be met when the time comes.

Connie David
TEL: 612-695-6991
Personal financial Coach
Online Moneyology

expertinsurance 04-06-2011 05:41 AM

Re: Ten Benefits of Long Term Insurance
 
Very good article. Yes long term insurance has great benefits.

sethm 06-07-2011 08:45 AM

Re: Ten Benefits of Long Term Insurance
 
Great article! I just would like to add something. You can get tax deduction on "qualified" long term care insurance plan. Depending on the kind of business, a big chunk of the insurance premiums may be tax deductible, which is great!

meenakshidp 07-06-2011 02:50 AM

Re: Ten Benefits of Long Term Insurance
 
Firstly i would like to say that it is a great piece of information.

Long-term care insurance generally covers home care, assisted living, adult daycare, nursing home and Alzheimer's facilities.

Many people buy long term care insurance policy in order to protect their savings lest they need to go to a nursing home. It makes people during their old age financially more independent and it also boosts their confidence level.

becky_m 07-19-2011 10:24 AM

Re: Ten Benefits of Long Term Insurance
 
Good post. My uncle works for a company who deal with this sort of thing. I'll link to it below if anyone is interested:

Best Annuity Rates | Retirement Annuity Quotes | Pension Annuities Calculator | Annuities Advice UK

becky_m 07-19-2011 10:25 AM

Re: Ten Benefits of Long Term Insurance
 
I just typed in the url and it came up with all those words so not sure what happened there??? Is it the title of the site or something? Anyway thats it.

Gary 08-04-2011 02:02 AM

Re: Ten Benefits of Long Term Insurance
 
These are really very useful tips and very helpful for everyone. Thanks for sharing it with us and keep on sharing post like this one.

Minleealexandercambridge 08-06-2011 01:37 AM

Re: Ten Benefits of Long Term Insurance
 
What i heard about long term insurance is that they also have low mortality rates as compared to those unit linked ones.
Do you recommend Short term life insurance plans or only long term insurance plans.

sneha6858 04-18-2012 06:25 AM

Re: Ten Benefits of Long Term Insurance
 
Term insurance is cheaper that whole life insurance and have so many benefits. I agree with your details. There are number of situation where we can use term insurance.

arjun 01-23-2014 01:38 AM

Re: Ten Benefits of Long Term Insurance
 
Very good Article you wrote about long term insurance. I really appreciate for this, term life insurance is very much beneficial in everyone life. Its great that you shared these points with us.

danielhermann 01-26-2014 12:33 PM

Re: Ten Benefits of Long Term Insurance
 
Long term care insurance policy is dearer than traditional insurance policies but is a must in the present scenario where life span has increased but staying healthy has not because of lifestyle disorders. Therefore, we need to educate the public in their 20's and 30's to think about this and put away money in long term insurance policies to really reap the benefits at an affordable premium.

SarahGeen 02-06-2014 12:01 PM

Re: Ten Benefits of Long Term Insurance
 
Great read, thanks for sharing. I am always skeptical about insurance - never get travel insurance, even when I'm going on a ski holiday (that is awful I know) and now I am in a bit of a pickle as to whether I want pet insurance - but after reading this I think I will have to go ahead! Thank you again for the push!

danielhermann 02-12-2014 09:01 AM

Re: Ten Benefits of Long Term Insurance
 
Long term insurance is a must-have especially in developed countries. It permits one to lead a life of dignity till the very end and ensures you do not become a financial burden to your family. This ought to be promoted by all and everyone to their near and dear ones.

arundhati.kher 06-29-2015 10:42 AM

Re: Ten Benefits of Long Term Insurance
 
Great Points! Term Insurance is the most basic of insurance policies. Generally, term life insurance is cheaper to buy during the earlier years of life, when the risk of death is relatively low. Prices rise in accordance with increasing risks and advancing age. I hold a Term Insurance Policy with Future Generali.

Richard Johnson 06-30-2015 11:18 AM

Re: Ten Benefits of Long Term Insurance
 
Nice and useful information.


All times are GMT -4. The time now is 10:06 AM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.