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What is Long-Term Care Insurance and Is It Worth It?
When you start shopping for long-term care insurance, you’ll realize quickly that it’s pricey and complicated. And that can leave you wondering whether this form of coverage is worth it. Unfortunately, there’s no short answer to that question. Long-term care insurance can add value in certain situations, depending on the coverage, as well as your net worth, your age, and your health history. Before you can fully evaluate how long-term health insurance would fit into your life, though, it’s wise to master the basics of how this coverage works.
Do I Need an Elder Law Attorney?
You wouldn’t hire an accountant to fix your car, or a mechanic to prepare your tax returns. By the same token, a general practice attorney isn’t the best choice for legal matters involving the seniors in your life. The better choice is an elder law attorney, who specializes in legal issues that arise for seniors and their families.
Life Settlement Calculator
You’ve heard about the possibility of selling a life insurance policy you don’t need or can’t afford, and you’re thinking you could use the cash to pay medical or long-term care bills, or to invest in a more comfortable retirement. But before you take the step of contacting a life settlement company, you’d like to get some idea of how much money you can get for your policy – and whether you’re even eligible to sell it. An online life settlement calculator can provide a quick general assessment of your eligibility to sell your life insurance policy, but it cannot replace the in-depth medical underwriting process required to accurately estimate the value of that policy.
Understanding Insurable Interest in Life Insurance
What do insurable interest and gravity have in common? Both are fundamental concepts that impact our lives daily, and yet we hardly think about either one. Gravity keeps your feet on the ground, and insurable interest underpins every insurance policy you’ve ever owned.
What is Whole Life Insurance?
Whole life insurance, sometimes called “straight life” or “ordinary life,” is a type of permanent life insurance and is the most well-known form of life insurance. Whole life insurance policies last the whole life of the policyholder and are paid out to the policyholder’s beneficiary or beneficiaries upon death provided that premiums are paid. It’s important to note that because whole life insurance lasts throughout the policyholder’s life, premiums are typically higher and cost more than term life insurance. Along with death benefits, whole life insurance also comes with a type of savings called “cash value” and may grow tax-deferred interest.
What Are The Types of Life Insurance
Life insurance is like pizza — it comes in many styles and the customization options are practically endless. But unlike pizza, it’s cost-prohibitive to sample life insurance policies to pick the one you like. And that means you’ll have to know your options and clarify your financial goals to land on the type of life insurance that’ll work for you.
Coronavirus Prevention Tips for Elderly People
There’s a lot of questions and uncertainty about the ongoing coronavirus situation, but we do know that one group is especially at risk and needs to take extra precautions: seniors. The Chinese Center for Disease Control (which has been studying the virus since the outbreak began in Wuhan) found the fatality rate for people under 50 was 0.5%, but this number rose to 3.6% for individuals aged 60-69, 8% for elderly people 70-79, and 14.8% for people 80 years old and above.
Can You Sell a Term Life Insurance Policy for Cash? (2025 Guide)
Term life insurance, also known as pure life insurance, provides coverage during a specified length of time and guarantees the payment of a death benefit during that period. The shortest term policy available is for one year, and you can typically buy policies with terms that last up to 30 years, or until you reach a specified age.
What is an Accelerated Death Benefit?
Accelerated death benefits are life insurance policy riders or provisions that can be added to your insurance and allows you to access death benefits while you’re still alive. The accelerated death benefit is common and can often be included in your policy at no additional cost.