Most people buy health insurance and insurance for home, car and other property replacement. However, fewer people buy long-term care insurance1, either not thinking about it or hoping that their savings will be sufficient to meet any associated expenses.
In fact, long-term care2 can be very expensive and can deplete a lifetime of savings within a few years. (Long-term care in nursing homes can cost an individual more than $40,000 per year.)
Everyone who enjoys good health hopes it will last for a lifetime. But it doesn't always turn out that way.
Sometimes life throws a curve.
Injuries can happen. A disability illness could dramatically change your life, your future, your family's lifestyle, as well as your financial security. A chronic disease or disability could keep you from working. Someone in your family could become injured and require personal care services. Insurance can't prevent those things from happening. But it can help you and your family cope.
Permanent Life Insurance policies include insurance and savings in a single tax-advantaged plan.
With Permanent life insurance you have the ability to change your coverage, deposits and often your investment choices in response to your changing needs, conditions, or circumstances.
The two most common types of Permanent Life Insurance are Whole Life and Universal Life.
