Dear Friend, Hi! I hope everything is going well with you. Insurance Agents like me are constantly having to evaluate new products, new hybrids, etc. I wanted to let you know about one of these "newish" products -- life insurance that actually includes provisions (in the form of riders) for long-term care. Is this a good deal? Well, it depends. But, to be honest, if you are looking for something that will cover your expenses if you need to be cared for on a long-term basis, life insurance is a poor substitute for long-term care coverage. Life insurance with long-term care riders offers two options: 1) An acceleration rider that allows you to get an advance on your death benefit; and, 2) an extension that increases the benefit to provide for long- term care expenses. These riders vary by company, with some allowing you to collect a percentage of the death benefit each month and others that reimburse your policy for long-term care expenses you incur, thereby keeping your death benefit the same. There are two potential problems with the riders: * Some of them require substantial deterioration in your health before you can collect benefits. * They don't have monthly benefits that pay anywhere near the full costs you would incur for long-term care. As an example, a one-year stay in a nursing home can cost anywhere from $30,000 to $60,000 or more, depending on the level of care you need. Long-term care options in life insurance likely won't provide more than a fraction of these amounts. Despite this, the long-term care rider in life insurance could be an option for people with a fairly high income level and significant assets. Again, I hope everything is going well! Sincerely, Rob Ritchie www.RRitchie-Ins.com [EMAIL PROTECTED] PS: Friend, please call our office if you have any questions about life insurance, term or otherwise - or any other part of your financial planning and protection. Or you can email me. Just hit "reply" and send me a message. I'll get back to you as soon as I can!
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