Perhaps you’ve been working to get your finances in order. You’ve set up a budget to get your spending under control and build up your savings. You’re putting money into a retirement account and you have the right amount of auto and home insurance coverage for your needs. You’ve taken advantage of Member Benefits’ financial planning services. You may think you’re all set, but there are more pieces to your financial security to consider—long-term care insurance and life insurance.
Protecting your financial security
Long-term care insurance can help protect part of your financial security. Long-term care is the care you may need at home if you are unable to perform daily activities on your own, such as eating, bathing, dressing, or going to the bathroom. It may also include care in the community, such as in an adult day care facility.
It’s best to plan for long-term care insurance while you’re still healthy. Having a long-term care insurance policy gives you more choice to live on your own terms and more say in the decisions for your care.
And not only does it help protect your assets, but it also helps reduce the potential financial burden on your family.
Long-term care insurance can be tailored to cover varying circumstances. Policies are not one size fits all. When deciding which coverage you’ll need, here are some things to consider:
- How much can you afford to contribute toward the expense of your care?
- For how long might you need long-term care services?
- How much time will pass before you need to start receiving benefits from the policy?
- What’s the anticipated cost of long-term care?
Protecting your family and their future
Life insurance is an important part of your family’s financial stability and well-being. If anyone depends on your income, they would likely struggle without it if you were to pass away.
Some common everyday expenses your family may use life insurance for include:
- Funeral and estate settlement costs.
- Healthcare and health insurance bills.
- Mortgage or rent.
- Credit card debt and other loans.
- Childcare expenses.
In addition to letting your loved ones maintain their standard of living now, life insurance also helps ensure their future. It may help with college costs, a spouse or partner’s retirement, or other important costs down the line.
Life insurance costs less the younger you are, so it’s good to plan for it as early as possible. The life insurance landscape has also changed considerably over the past several years—there are many more options available to meet your needs and budget. One of the best ways to help you decide is to work with a licensed insurance agent who can walk you through the entire process.
Learn more and get a quote
Our partner for long-term care insurance and life insurance is Associates of Clifton Park. They have years of expertise to share with you to help you make informed decisions about your insurance options. Let them help you build a policy that fits your needs and budget.