Long-term Care Insurance helps you manage the risk of losing your independence due to an unexpected illness, chronic condition or dementia by transferring the risk to long term care insurance. It provides a comprehensive income-style benefit when you’re dependent. It’s designed to help cover the cost of care services you need in any environment, including your private residence, a retirement home or long-term care facility.
Disability Insurance (DI) offers income protection if you become disabled for a long period of time, and as a result can no longer work during that time period. There are two types of DI: Long-Term Disability Insurance and Short-Term Disability Insurance. As an estimate, one in four workers will become disabled at some point in their lives before they retire. With a proper DI plan, you can continue with your financial goals regardless of a disability and not being able to work.
When considering options for Long Term Care policies, it’s also important to consider the Hybrid Long-Term Care Insurance, which combine Long-term care policies with Permanent Life Insurance Policies. With a hybrid policy, you can withdraw funds from the policy when they are needed for long-term care, and the insurance company pays for care when those funds run out.
Depending on your specific situation, Machen Wealth can help you set up an appropriate long-term care insurance plan or a disability insurance plan or a hybrid plan, so you can have peace of mind and financial security. To schedule a consultation with Scott Machen, our wealth advisor, call us at 916- 526- 2680 or email us at [email protected]