Life Insurance and Long Term Care

Life Insurance and Long Term Care is usually not seen together as one. People have spent a lifetime trying to make ends meet. Trying to pay the mortgage , trying to have a fund for your children’s education and just day to day living.

Life Insurance is just part of planning your future and leaving a legacy for those who loved you most or is that enough?.

Consumers are starting to see  long-term care products and life insurance together. It is  less expensive than the older products that guaranteed monthly payments .

How does it work?  People will tap into the benefit to pay for care thru their life insurance policies.

The long term care part of the Life Insurance is  less expensive than traditional long term care  policies, whose sticker price has often shocked consumers.

They are not as deep as the traditional long term care policies of years ago. These days, the policies that many companies and brokers are selling tend to be some combination of long-term care and life insurance. They seem simple to understand: There’s a death benefit, but if you need long-term care you can draw down against that benefit to a limit.

Typically, these are life insurance policies that come with a rider.

With so many options, the good news is you may not need to give up one type of insurance for the other.

Three in four people who live to age 65 are likely to need some form of care called activities of daily living.

Basic ADLs consist of self-care tasks that include, but are not limited to:

  • Bathing and showering
  • Personal hygiene and grooming (including brushing/combing/styling hair)
  • Dressing
  • Toilet hygiene (getting to the toilet, cleaning oneself, and getting back up)
  • Functional mobility, often referred to as “transferring”, as measured by the ability to walk, get in and out of bed, and get into and out of a chair; the broader definition (moving from one place to another while performing activities) is useful for people with different physical abilities who are still able to get around independently.
  • Self-feeding (not including cooking or chewing and swallowing)

Smithfin is aware of this new hybrid and will work with its consumers if they choose to purchase this form of Life Insurance.

About Smithfin
About Smithfin

Smithfin William Smith  is the owner of He's an independent life insurance agent.     "We work with individuals across the nation to secure the best life insurance rates saving them time, money and frustration."

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