When you mention life insurance to your clients, chances are the first thing they think about is protecting their families in case they should die prematurely. Yet the reality is that they can face just as much risk by living too long.
What if they outlive their retirement savings? Or become unable to take care of themselves in their old age?
Life insurance with a long-term care (LTC) rider can help provide benefits for your clients whether they live or die.
The first benefit provided by life insurance is the death benefit: a source of immediate liquidity payable at death that can help provide income replacement, fund estate settlement costs and repay existing debts.
But the right kind of life insurance, properly structured, also generates a significant cash value. The potential cash value can be accessed at retirement via policy loans and withdrawals to supplement your client’s retirement income.
Finally, if the policy is purchased with an LTC rider, it can also provide funds to cover long-term care benefits, such as nursing home costs and/or skilled in-home nursing.
With such a policy, your clients have now covered three major risks: dying too soon, living too long and living with an impairment.
Contact your Life Sales & Marketing Associate today for more information.