he last few decades have seen a massive increase in average life expectancy. Modern medicine, better diets, and greater health awareness mean that people can now typically expect to live substantially longer than their grandparents' generation.
While this is, of course, excellent news, it does have a downside. Many people will need extra care as they reach their sunset years, and the costs of this can quickly eat into savings and assets, even placing a financial burden on their children.
Thankfully, there's a solution. Long term care insurance provides coverage to pay for your care if you need it in later life, taking the burden off your savings and your family.
4 Valuable Benefits of Long Term Care Insurance
Long term care insurance isn't as common as some other types, but the benefits it offers could make it a valuable addition to your financial portfolio. Here's why:
1) By taking out a policy now, you can be sure you'll receive great care if you need it in later years;
2) The care you need won't wipe out your life savings and assets, and so you can still leave a legacy to younger generations;
3) The costs of your care won't fall onto your family; and
4) You won't need to choose between protecting your finances and receiving the best care.
Do You Need a Policy?
Despite its benefits, long term care insurance isn't suitable for everyone. For example, your existing health plan may include coverage for senior care costs.
Or, your assets and savings may be high enough to cover any expected expenses. It's also possible your pension plan is generous enough to provide for your care out of your future income.
But if the costs of care would cause financial problems for you or your family, then you should seriously consider taking out a policy. This is especially true if your family medical history suggests a risk of severe infirmity or dementia later in your life.
This may not seem like a decision you need to make right now when any need for a claim is hopefully far in the future. But as with all forms of health and life insurance, it's much better to take out a policy when you're young and healthy.
The premiums will be much lower, and you'll get a better level of coverage, which you can lock in no matter what changes over the coming years.
Long term care insurance is one of the simpler types of insurance, but it can still be complicated choosing the right policy. If it seems like coverage you could benefit from, speak to an independent insurance adviser who can help you through the maze and ensure your future is fully provided for.
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