Most people don’t like to devote too much thought to the end of their life – they’d rather focus on the years they have yet to live. But you don’t know how long that might be, and you want to make sure that your loved ones aren’t saddled with your debt and the cost of funeral expenses in the event of your untimely demise. In this case, life insurance could provide the solution you’re seeking. Unfortunately, a lot can also go wrong before you shuffle off this mortal coil. And due to accident, illness, or injury, you could wind up needing long-term care for an incurable and/or degenerative condition. Since most people don’t have the cash on hand to cover such expenses, you may find yourself leaning on your family for help. In this case, long-term care insurance is preferable. So how do you decide where to allocate your funds? Here are a few things to consider.
In truth, you should probably carry life insurance regardless of your decision where long-term care insurance is concerned. Only two things in life are certain: death and taxes. It may be morbid, but there’s no escaping the fact that you will one day die. And you don’t know when that day is coming, so you need to be prepared. At the very least, you should have a policy that will cover the costs of burial or cremation so that others need not come up with the thousands of dollars required to lay your remains to rest. But if you have a spouse and/or children, you want to make sure they are taken care of in your absence.
If you have debt like a mortgage, your policy could help to pay off a family home. Or you might want to ensure that your kids have the funds to one day go to college. And keep in mind that your family will lose the income you provide, so you should probably plan to cover this loss, as well, at least for several months to give them time to mourn your passing without having to worry about how they’ll pay the bills without your income.
The next question is whether or not you need long-term care insurance, as well. And the main thing to consider here is the probability that you will suffer some sort of condition that requires this specialized (and costly) form of ongoing care. The best way to determine this is to look at your family history. If you have a medical history of hereditary disorders that require long-term care, such as Alzheimer’s or Huntington’s Disease, just for example, then it might be well worth the cost of this added insurance policy to ensure that should such a condition manifest, you’ll have the care you need without incurring additional expense.
Of course, you may simply be worried about the potential need for long-term care. And having a long-term care policy will give you peace of mind, just like any type of insurance coverage. That alone may be worth the cost, although you’ll certainly get your money’s worth if you do end up needing long-term care. Regardless of the type of policy you’re seeking, you can use a website like InsureChance to get quotes so that you can start the process of comparison shopping for the insurance policies you’re seeking.