Long Term Care Insurance
Anticipate your lifelong care needs after retirement by taking advantage of long term care vehicles.
As an individual grows older, they are more and more likely to require personal or custodial long term care. This may be administered through an at-home care provider, assisted living, or skilled nursing facilities.
Many factors predispose an individual to the possibility of requiring long term care, including age, medical condition, and gender. All of these factors affect the type of long term care policy available to you. Additionally, your particular financial and medical circumstances may make a different long term care solution more appropriate for you.
The team at Creative Wealth Management is here to work with you to find the long term care solution that fits your needs. This may be a long term care insurance policy, an accelerated death benefit rider to your life insurance, a hybrid life-LTC policy, or another vehicle that will provide the finances required for proper care.
It is possible that long term care insurance will not cover your future needs. We consider this as we assess your unique needs and financial circumstances. There are alternative investments that may be more appropriate for offsetting long term care needs.
Connect with us today to begin planning your long term care.
Choose the right life insurance for your family and estate planning needs.
There are many different types of life insurance available, including term, whole life, universal, and variable life insurance. All types of insurance have advantages and disadvantages which must be weighed carefully. Here is a very brief overview of each.
Term life insurance provides coverage for a particular length of time. If the insurance is not used during that term, the insurance will expire. This type of life insurance is usually purchased by an individual who has dependents and wishes to ensure they will be provided for if they die before retirement.
Whole life (also called permanent insurance) is a longer-term insurance vehicle. The insurance is carried throughout the individual’s life, with a death benefit provided to the named beneficiaries. Additionally, this type of policy has an accumulated cash value and is often used as an estate planning tool. This cash value can be accessed through withdrawals or loans.
Universal life insurance is basically whole life insurance combined with an investment savings element. This type of life insurance usually has a lower overall premium than permanent life insurance and provides some flexibility to adjust premiums and death benefits.
Variable life insurance is a permanent life insurance product combined with various investment instruments and accounts including stocks, bonds, equity funds, money market funds, and bond funds. While premium payments are generally not fixed in variable life insurance, this type of insurance is often more expensive as administrative fees must be paid as well as the regular premium payments.
Any claims-paying ability is contingent upon the issuing insurance company.
Which life insurance product you choose – or whether you decide to carry life insurance at all, depends on your financial goals. Connect with our team of financial advisors to discuss if life insurance is the right investment for you.
Control the disposition of your hard-earned money.
Establishing a will, living trust, or testamentary trust is a vital step for any individual. You have worked long and hard for your money, property, and investments. With estate planning, you can control the disposition of your valuables, establish trusts for your children, and ensure you and your family will be cared for in the years to come.
Many individuals put off estate planning until retirement, but this type of preparation should take place well before you end your working life. If you have family or children whom you would like to support, or you would like to ensure as much as your estate as possible stays in the family, it’s time to connect with Creative Wealth Management and begin the planning process.
Raymond James does not provide legal services. Please discuss these matters with the appropriate professional.