You can’t predict what the future holds, but having life, disability and long-term care insurance in place can protect you from whatever may happen in life. You may have some coverage through work, but often it isn’t enough. Even worse, 30% of households have no life insurance at all. (2)
Life Insurance offers critical death benefit protection to help guarantee a safety net to protect your family, business, and wealth. Permanent life insurance also builds cash value that grows on a tax-deferred basis and in most cases can be withdrawn income-tax-free. Many people don’t realize that they could take a loan from the cash value to help meet a variety of lifetime goals, such as providing college funding, starting a business, helping with retirement or even as an emergency fund. (*)
Disability Insurance can make up for lost wages should an accident, sickness or injuries keep you from working. Your income is one of your most important assets. Yet, we often don’t consider what would happen if our income suddenly stopped. According to the U.S. Census Bureau, nearly one in five Americans are classified as disabled. (3) And disability can occur at any time, making it crucial to have a plan in place to cover lost income.
Long-Term Care Insurance helps offset the cost of a nursing home or in-home care if you become unable to care for yourself. Long-term care insurance can be a smart choice since two-thirds of Americans over age 65 need these services at some point in their lives (4). And, when you consider that 21% of people who enter nursing homes need care for 5 years or more, (5) at an average cost of over $80,000 per year, this can financially devastate most families.
(*) All guarantees are based upon the claims-paying ability of the issuer. Accessing cash values may result in surrender fees or charges, may require additional premium payments and can reduce the death benefit and policy values. Loans are income-tax-free as long as policy is not a modified endowment contract. Policy must not be surrendered, lapsed, or otherwise terminated during the lifetime of the insured.
(2) www.LIMRA.com, Facts About Life, 2013
(3) U.S. Department of Commerce Economics and Statistics Administration, U.S. Census Bureau, 2010
(4) U.S.Department of Health&HumanServices, National Guideline Clearinghouse Long-TermCare Information, 2012
(5) Field Guide, National Underwriter Company, 2011