Life Insurance and Long-Term Care Planning
Planning ahead helps you live at ease in the present.
What would happen to your partner or spouse, or your children, if you were suddenly gone? Would their financial future be secure? Life insurance provides protection for those you love. Let Marshall+Sterling Wealth Advisors explore your life insurance and long-term care options.
Consider our life insurance and long-term care planning services.
Life Insurance policies can help provide financial security by replacing lost income and covering expenses. Let Marshall+Sterling help you think through your life’s goals and what you want for your family and loved ones in the event that you were suddenly not there for them.
Long-Term Care Planning helps individuals meet their personal health/and or personal care needs so that they can live as independently and safely as possible when they can no longer perform everyday activities on their own.
What are the common types of life insurance?
Whole Life Insurance is a cash value insurance where premiums remain consistent throughout the policy term, the insurance carrier can invest a portion of your premiums and might even share the proceeds from the investment with you in the form of a dividend.
Universal Life Insurance is an advanced form of whole life insurance. Similar to whole life insurance, it is cash value insurance and you do not get to choose how your premium money is being invested by the insurance company. Unlike whole life insurance, universal life insurance offers you flexibility in terms of the premium amount. Based on financial circumstances, you can also directly change the benefit of your policy, again within the policy norms. Premium changes however, have a direct impact on the growth of the cash value and maybe the death benefit.
Variable Life: Variable life insurance is just like another type of permanent life insurance policy. The only difference is this type of insurance gives you the flexibility to decide on investing your money in a wide range of investment products, including stock funds, fixed interest sub-accounts, and highly-volatile international growth sub-accounts.
What is the difference between term and permanent life insurance?
Term Life Insurance is temporary; providing a death benefit for a specific term, such as 10, 20, or 30 years. Unlike other types of life insurance, it does not accumulate a cash value. If the policyholder dies during that term, his or her beneficiaries receive the benefit from the policy. When the contract ends, so does the coverage.
Permanent Life Insurance remains in place as long as the policyholder makes payments. In addition, permanent policies are designed to build up “cash value,” a cash reserve that accumulates with the policy. Typically, this cash reserve pays a modest rate of return.
Many people find that they have a combination of short- and long-term needs. In such circumstances, it may be prudent to have both types: a basic level of permanent life insurance supplemented by a term policy.
How do I plan for
long-term care?
Planning a safe and secure retirement remains a confusing and often unaddressed issue. Failing to engage in long-term care (LTC) planning can lead to family strife over roles and responsibilities, having to choose a level of care for a loved on based on cost instead of service, and stress for family members.
New approaches to planning for long-term care can help address these issues and offer a range of options for individuals at all stages of their lives. Some of those options include:
- Improved traditional LTC insurance
- Hybrid products with LTC benefits like life insurance or annuities
- In home care
- Existing life insurance with accelerated benefits
Let Marshall+Sterling Wealth Advisors help you think through your family’s options, so you can start planning today.
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Learn how Marshall+Sterling Wealth Advisors can support you in achieving and protecting what matters most. Reach out to us today to learn more.
Other solutions from Marshall+Sterling.
Business Insurance
Marshall+Sterling can help you analyze and assess your risk, delivering custom solutions to help you protect your business.
Personal Insurance
Whether for your home, auto, RV, or life and health, we have solutions to protect you from whatever life throws your way.
Employee Health and Benefits
We provide our clients with a wide array of choices for cost-competitive programs throughout the insurance industry.
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