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Three Insurance Options For Your Later Years: Planning for the Future

Date : Mar 28,2014
By : Rianne Hunter

When you are young in age, it is important to think about how you will financially support yourself and make it through your retirement years. Investing in an insurance plan can be a smart choice if you want to make sure that funds are available to cover your medical care later in life. Too many people make the mistake of entering their retirement years without adequate savings or insurance plans to protect them. Here are three insurance options that every person should consider investing in from an early age. One’s employer may also offer these life insurance plans at little to no cost, and it is important for employees to take advantage of them.

1. Whole Life Insurance

Whole life insurance provides extensive coverage, and it covers the medical expenses of a person throughout his or her whole lifetime. You can purchase a life insurance plan that provides coverage in a certain amount. Upon your death, the benefits will be distributed to your named beneficiaries. You may also elect to receive distributions from the policy throughout your life. As the policy accrues interest, you can deposit the earnings into a separate account or receive a check.

2. Term Life Insurance

Term life insurance only provides coverage for a certain period of the person’s life. If you cannot afford to purchase whole life insurance, this may be a great option for you. Term life insurance can be an affordable option for those who may be young professionals and still want to ensure that their loved ones are protected in the future.

3. Long Term Care Insurance

Long term care insurance can cover the costs of expensive care that is required later in life. This type of insurance may cover the costs of nursing home care, a medical assistant or other costs associated with helping a person with his or her daily activities. Individuals may even require long-term care if they suffer from a tragic accident or have an illness early in life, such as Parkinson’s Disease. Adult day care and hospice care are also covered by long term care insurance policies. Individuals who invest in long term care insurance may also be able to enjoy an income tax deduction with this type of policy.

Signing up for a life insurance policy is vital even when a person is young in age. Purchasing a life insurance policy ensures that you and your loved ones are protected no matter what happens in life.

Information credit to PNW Long Term Care Insurance in Portland.

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