Using life insurance to pay long term care expenses - Spencer Insurance Agency, Inc

Are you prepared?

          LIfe Insurance and Disability Insurance. Get protected

We meet with many clients and prospective clients to discuss their life insurance needs. One common thread is the lack of any estate planning.  Most people equate estate planning with the wealthy.

Yes, the wealthy need estate planning but don’t be fooled, so do the rest of us.  What is Estate planning?  It can be very simply having an updated will, advanced medical directive and power of attorney.

Why do you need estate planning?

  • Your children are getting older and moving out on their own. You are downsizing and preparing for retirement. Your estate planning documents are probably outdated. You need to meet with an estate attorney and update your documents
  • You have young children and life insurance. You don’t have a will or the will was done before you had any children. You need to update the will so you can update the guardian of your children, decide who will be the trustee of the life insurance proceeds, and make plans for a special needs child among other things. Without an updated will the courts will need to get involved to protect the children.  You need an updated will to make sure your wishes are followed in the event of you premature death.
  • You are separated, divorced or remarried. You need to make sure your will is updated to match your current situation. When a couple divorces there are many issues with their children that need to be addressed.  Life insurance beneficiaries need to be discussed to protect your children.

We am not an attorney or do I give legal advice.  We do work with many estate attorneys so if you need a referral to one I can help you out.  But, reviewing life insurance policies we see many things that make me cringe like naming minor children beneficiaries, naming a brother or friend who will be your children’s guardian the beneficiary of your life insurance proceeds and trusting caregivers to manage the large insurance proceeds.  Caregivers may be great with helping to raise your children but they may not be the best managing money.  You need to have these discussions with an estate attorney and you need to meet with us to review your life insurance.

Why you need a life insurance review:

  • Your life insurance agent may not have met with you in a long time and may not even be in the business now.
  • Do you have the proper type and amount of life insurance for your needs now?
  • Are your beneficiaries listed now proper for your situation today? You may still have an outdated beneficiary.
  • Did you update all your life insurance policies including your employer paid life insurance and retirement plan beneficiaries?

 

Contact us today for a life insurance review even if we are not your current life insurance agent.

Unsure about Long Term Care Insurance?

According to Medicare, at least 70% of people over 65 will need long-term care services at some point.  Long-term care includes medical and non-medical care for people who have a chronic illness or disability.  Non-medical care includes non-skilled personal care assistance, like help with everyday activities, including dressing, bathing, and using the bathroom.

Check out my report on Long-Term Care Insurance : Spencer’s Tips on Long Term Care. . . What is Long Term Care and How Do I Prepare for It?

You have auto and homeowner’s insurance.  Did you know?…
·       Chance of a house fire is 1 in 300
·       Chance of an auto accident is 1 in 30
·       Chance  you will need Long-Term Care is 4 in 10 AND
·       Chance you will need Long-Term Care if you are over 65 is 7 in 10!

According to Genworth’s Compare the Cost Report, the state median annual costs of services in Pennsylvania for 2012 are:
·       Homemaker Services $44,616
·       Home Health Aide $45,760
·       Adult Day Health Care $14,300
·       Assisted Living Facility (private, one bedroom) $39,015
·       Nursing Home (semi-private room) $91,652

How many years would it take to deplete your retirement savings?
There are many ways to pay for Long-Term Care.  Do you know all the options?  Have you discussed the options with your family? Does it make sense for you?  Only you can decide after researching.  Let us help you.  Call us today at 215-885-2200 so we can discuss your options.  Or request a quote. As Independent Agents, Spencer Insurance Agency represents many top rated insurance companies and will help you decide which one offers you the plan you need.  Don’t rely on an agent who only represents one choice.  At Spencer Insurance we understand that the True Cost of Insurance can be much higher if you are not properly protected.

For more information or a quote for Long Term Care Insurance contact us today!

November is Long Term Care Insurance Awareness Month

Long Term Care - Be Prepared

We all insure or homes. Did you know the chance of a house fire is 1 in 300?

We all insure our cars. Did you know the chance of an auto accident is 1 in 30?

Do you insure your retirement assets? Probably not but you spend a lifetime building these assets.  Did you know the chance you will need long term care is 4 in 10 AND the chance you will need long term care if you are over 65 is 7 in 10?

According to a Genworth Cost to Compare Report, the average cost for homemaker services is $44,616 per year. What if you or both you and your spouse need these services? How far will your hard earned retirement assets last?

November is Long Term Care Insurance Awareness month. Get information on this important subject. ? Check out my report “Spencer’s Tips on Long Term Care. . . What is Long Term Care and How Do I Prepare for it?”

Spencer Insurance Agency can show you a variety of solutions to this problem. Today many companies allow you to accelerate your life insurance death benefit to use it for long term care expenses.

Call us today at 215-885-2200 to see if Long Term Care Insurance is right for you.

Confused about Long Term Care Insurance?

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I am not surprised when I hear people say that Long Term Care Insurance is so confusing that they do nothing.

One of the problems is that too many agents make it confusing.  It is very simple.  Ask yourself “How much of my retirement assets do I want to protect form long term care expenses?”

We all buy homeowner’s insurance to protect our home from a fire.  Did you know the chance of a house fire is 1 in 300?  We all buy car insurance to protect us if we have an accident.  Did you know the chance of you having an auto accident is 1 in 30?

How many of us protect our retirement assets from long term care expenses?  Did you know the chance that you will need Long Term Care is 4 in 10! Yet most of us ignore the subject.

According to Genworth’s Compare the Cost Report, the state median cost of services in Pennsylvania for 2012 were:

  • Home maker services $44,616.
  • Home Health Aide $45,760.
  • Adult Day Care $14,300
  • Assisted Living Facility ( private, one bedroom) $39,015
  • Nursing home (semi private room) $91,652

For most of us the question we should be asking is “How am I going to pay for long term care expenses when I need them?”

There are many new options today.  Check out our website for more information on options available to you.

You should also check out our article “Can you be forced to pay Mom and Dad’s Nursing Home Bill?”

Check out our website for more valuable information on Long Term Care Insurance.  Then, give us a call at 215-885-2200 or email us at info@spencerinsurance.com for a review.  We will be glad to simplify Long Term Care Insurance.

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