News 2919 Long Term Care Insurance Life Insurance Situation

Which do you need more, life insurance or long-term care insurance? The answer isn't as complicated as you might think. If you are relatively debt free, meaning that your partner or family does not need to rely on your income and could live comfortably in the event of your death, you may want to consider switching your expenditures from a life insurance policy to LTC. Life insurance generally provides income for your dependents who still need to pay off your debts, pay a mortgage, pay college tuition, wedding expenses, etc. However if these are no longer relevant concerns, your focus may be more effective if turned toward long-term care insurance. Long-term care can costs tens of thousands of dollars each year, a cost that could put a hurt on your bank account. If you drop your life insurance policy or borrow against it to pay for LTC needs, you may be doing a better job of protecting your assets. Consult with an agent to make sure you are making the right insurance decision for your family.

Read more: Trading Premiums (Kiplinger Magazine via Yahoo! Finance) Considers the importance of long-term care insurance in protecting against the potentially devastating costs of nursing care. Suggests reevaluating life and disability insurance needs and shifting the dollars for excess coverage into a long-term care policy instead.