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Estate planning for both an inheritance and long-term care

No one knows exactly what the future might hold, which makes it difficult to plan ahead for every conceivable outcome. That said, everyone is aware that many people will require some type of long-term care as they age. Despite understanding the high probability that such a need might arise, many Philadelphia residents fail to plan for that outcome. Fortunately, there is an estate planning option that can address both the need for long term care coverage, as well as the desire to provide an inheritance for loved ones.

Life insurance can help an individual attain both goals. Certain policies (but not all) offer a long-term care rider that accompanies a life insurance policy. If the policyholder ends up requiring long term care at some point in his or her lifetime, the policy rider kicks in, and the death benefit is accelerated. That provides funding that can be used to cover the cost of care. The downside is that using the policy to pay for care needs means that there will be less money left that can be passed down to one's heirs.  

What makes these policies attractive to so many people is the fact that they offer a degree of flexibility. If a policyholder needs long-term care, then the insurance will provide funds that can be used to obtain that care. However, if the policyholder does not end up requiring it, then the entirety of the life insurance payout will be made available to the designated heirs.

Many Philadelphia residents fail to purchase long-term care coverage because of the "use-it-or-lose-it" aspect of those policies. No one wants to pay for something that they (nor their loved ones) will benefit from. However, choosing a life insurance policy that also contains a long-term care rider makes this estate planning choice far easier to make.

Source:, "Integrating Life Insurance Into Estate Planning", May 6, 2016

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