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Life insurance or annuities with long-term care benefits provide a unique opportunity to plan for future care. Unlike traditional long-term care insurance, this type of planning allows you to keep your assets if you never end up needing long-term care.

With this vehicle, you are buying a life insurance policy or annuity that has a long-term care rider. Such plans give you guaranteed funds for use in a long-term care crisis while also providing ready access to your money during life or a death benefit after you are gone. For example, say you use $100,000 to purchase a single premium life insurance policy with a long-term care rider. You could immediately receive guaranteed long-term care coverage of $175,000 or a death benefit of $175,000 if you never use the money for long-term care.

These plans can be funded in many ways, including: a single one-time premium, payments over a specified period of time, or payments throughout life.

If you are considering these plans, you need an attorney who understands life insurance for seniors, and who can give you the right advice and instruction to plan for the future. The ElderCare Law Firm Inc. is committed to helping individuals fully understand the options they have regarding future care and financial planning—contact us today!