Posts Tagged ‘life insurance’
New York Life Insurance Company: 164-Year History of the Company Video
Duration : 0:6:43
Muakakakaka…. Very funny!!! Must SEE!!!Insurance, whether it is for long term care or to cover final costs when you pass away, is designed to provide financial protection during various phases of life. Life insurance is usually purchased when someone gets married or has kids, while long term care insurance is usually purchased when a person is approaching retirement age. While both types of insurance policies are valuable, not everyone will buy both types.
Life Insurance
Life insurance is purchased for several reasons. The first reason is to provide financial support to dependents when someone passes away. This financial support will usually include money to live on for a number of years and enough money to pay off mortgages, car payments, college tuition and other debts. People who have spouses, kids and other dependents will purchase this type of life insurance.
Life insurance can also be purchased by those that do not have dependents any more. Their policies will have smaller values and will usually be just enough to cover final costs and burial costs. This type of insurance is usually very inexpensive and can be purchased even when a person is over 65 years of age.
Long Term Care Insurance
Long term care insurance is purchased to cover health care procedures and supplies that are otherwise not covered by Medicare or private major medical insurance policies. It is often referred to as Medigap or gap insurance. This type of insurance is essential for people with health risk factors or family histories of heart disease, stroke, dementia or diabetes. It is also essential for people who want more control over the type of long term care that they can afford later on in life.
People that have risky life styles, such as a dangerous job or an affinity for extreme sports, will also want to invest in long term care insurance. Risky life styles increases a person’s chances of sustaining an injury that will require chronic care, therapy and supplies. These people will want to purchase their long term care insurance early in their lives so that they are protected in case they get injured on the job or during their sports adventures.
What Insurance Do You Need?
“Is it better to have long term care insurance or life insurance?” This is a question that is difficult to answer. People really need both types of insurance. However, the timing of when they purchase each policy is going to be different.
Information on long term care insurance indicates that most people are not going to need long term care insurance until they are retirement age. However, if they have high risk factors for needing long term care, then it will be beneficial for them to purchase this insurance earlier. Life insurance, on the other hand, can be purchased early in life. Some forms of life insurance will actually accrue a cash value, but not all forms will offer this benefit. Most people will want to wait to purchase life insurance until they get married or have kids.
Conclusion
The insurance policies that a person buys is up to them. Life insurance and long term care insurance both provide financial security during difficult times in a person’s life or death. Both policy types also can be used to protect life’s savings from being drained by an event such as an illness, a death or a serious injury.
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Duration : 0:1:21