Long Term Care vs. Life Insurance? What Should Seniors Buy?

Choosing between long term care and senior term life insurance is important, especially if you are during or approaching retirement. Deciding on what insurance is best for you is important in order to save money and at the same time get appropriate protection. In this post, we will examine the differences between the two and will explain which works best in certain situations.

1335181510-Low-Cost-Term-Life-Insurance.jpg-300x2001.       Long term care

Long term care is an insurance policy that provides medical coverage for people who are diagnose with a terminal disease and cannot take care of themselves. Many senior need long term care as age and sometimes illness makes it increasingly difficult for them to fulfill certain daily tasks like washing, dressing, eating, walking etc.

Under a long term care policy, medical services like nursing will be partially covered. Long term care services can be provided at home, in a nursing home or in an assisted living facility.

2.       Life insurance

Unlike, long term care, life insurance is a policy that is used to cover the needs of your family and not your own. Having life coverage means that your beneficiaries will receive a death benefit after you die. Senior term life insurance becomes increasingly popular as more and more adults depend on their parents for financial support. Also, funeral costs are becoming more and more expensive and a policy can really help your family cover your burial costs.

When do you need:

  • Life insurance: if your mortgage loans are not paid, if your family does not have enough money to pay for your funeral or if you have dependents. Like I have said, life insurance is meant to financially protect your loved ones.
  • Long term care: if you have enough money saved for a funeral, if your medical condition is worsening and if you do not have dependents. Long term care can also save your family a lot of money as a part of the medical costs will be supported by the policy.

In conclusion, each policy is advantageous in certain situations. You should always consider your financial and medical situation before making a purchase.

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