There are two main types of life insurance known as whole life insurance and term life insurance.
Whole Life Insurance
Whole life insurance is a policy that is guaranteed to remain in force for the insured’s entire lifetime provided the required premiums are paid to the maturity date. Because the premiums are guaranteed in force, the premiums are considerably higher. Whole life premiums are fixed, based on the age of issue and usually do not increase with age.
Term Life Insurance
Term life insurance provides life insurance coverage for a specific amount of time. If the insured passes away during this time, your beneficiaries will receive a payout from the term life insurance policy. It has no cash value unless the insured passes away.
Long Term Care Insurance
As we age, long term care insurance might be worth considering. Having a policy in place to help with your long-term health care needs may prove priceless to family members who want to be sure you are looked after when you can no longer do so for yourself.
Long term care insurance covers basic daily needs over an extended period of time. Health care and /or Medicare covers immediate medical expenses, however long-term care from chronic illnesses such as Alzheimer’s disease or various disabilities may not be covered. Long term care insurance can include coverage for home care, assisted living, adult daycare, respite and hospice care. Long term care is not as popular as it once was due to high costs, but there are advantages of getting long term care through annuities and life insurance. If you have been paying high rates for long term care insurance and are ready to drop it, it might behoove you to discuss options available that may help offset the high rates while protecting your assets. You’ll be glad you did should the day arise that you require long term care.
