By the time you reach your golden years, chances are you’ll need assistance with your personal care needs and other activities of daily living. If that time arrives, do you have the right insurance policy to pay for long-term care?
There are life insurance policies that allow policyholders to convert their existing policy into a long-term care coverage plan. This way the policyholders can use their insurance to avail of long-term care planning. Also, having the right resources and insurance plan will help you easily hire a caregiver in Georgia who will care for you in the comforts of your home.
Here are four types of life insurance that can be converted to long-term care insurance:
- Hybrid life insurance has a premium package that includes long-term insurance coverage and death benefits for the policyholder.
- Permanent life insurance covers policyholders permanently, as long as clients continue to pay their premiums.
- Universal life insurance offers a more flexible way to build cash value for the policyholder.
- Whole life insurance contains a savings component and a death benefit. Policyholders can build up their cash value through the premiums.
Make sure to talk with your insurance provider to develop an effective strategy on how to combine your life and long-term care insurance policy according to your current situation.