The Advantages of Long-term Care Insurance

As the baby boom generation continues to make its way into retirement age, the idea of long-term care insurance begins to surface as something well worth considering. The peace of mind long-term care insurance brings to the insured as well as the family members and caregivers, is priceless.

With long-term care insurance, you don’t have to worry about becoming a burden on your loved ones if you lose your independence because of an accident or an illness like cancer, a stroke or Alzheimer’s disease.

Many of the baby boom generation have focused on healthier lifestyles and as a result of this increased awareness and greater medical advancements life extension has increased. This generation is expected to live 25-35 years longer than previous generations and will be required to have assets that extend that much longer. On average, one in five 65-year-old males will survive to age 90. A 65-year-old woman has a three in 10 chance. And, if they’re married, there’s an even chance that one of them will live to celebrate a 90th birthday.

Long-term care insurance plays an integral role in preserving quality of life for both, the insured and their loved ones. Consider it the right choice for you if you want to have access to the best healthcare available. And, if you want to be able to afford to hire someone to help you, long-term care insurance must be a priority.

No one knows for certain whether or not they will need long-term care coverage. The unpredictable nature of life is understood. However, being financially prepared for the worst-case scenario provides greater peace of mind and less stress should the need arise. Speak to your financial advisor about the range of existing options to find one that will protect and optimize your income while reducing the risks in retirement.