As a medical professional, planning for the future is crucial, not just for your patients but for your own well-being and that of your loved ones. Simplified issue life insurance with a long-term care benefit can be a valuable addition to your financial plan.

Seven Reasons to Purchase Life Insurance with a Long Term Care Benefit

1. Comprehensive Coverage
   This type of policy offers both life insurance and long-term care benefits, ensuring that you are protected in any situation. If you need long-term care, the policy can help cover the costs without affecting the death benefit for your beneficiaries.
2. Simplified Application Process
   Unlike traditional life insurance policies, simplified issue life insurance does not require a medical exam. Instead, you answer a few health questions, making the application process quicker and less intrusive.
3. Cost-Effective Coverage
   The cost of long-term care in Colorado can be substantial. According to the Genworth Cost of Care Survey, the average annual cost for a private room in a nursing home is approximately $120,000. Let’s look at another scenario: home care. The current cost for a home health aide in Colorado is $210 per day. Purchasing even the minimum benefit can provide respite care for your family and help ease some of the burden. The example below is from the Calculate Your Cost calculator available on the benefit website. Note the monthly premium vs. the monthly LTC benefit. A $2000 per month benefit could provide almost ten days of care each month. That’s significant at a time when a family is facing 24/7 caregiving responsibilities.
4. Peace of Mind
   Knowing that you have a plan in place for long term care can provide peace of mind. You can focus on your career and personal life without worrying about the financial burden of extended medical care. And the policy is portable if you move to another state.
5. Tax Benefits
   The death benefit from a life insurance policy and long term care benefit is generally income tax-free, providing additional financial security for your loved ones.
6. Spousal Coverage Options
   The option to extend coverage to your spouse, ensuring that both of you are protected.
7. Guaranteed Level Premiums
   With guaranteed level life insurance premiums, you won’t have to worry about increasing costs as you age. This stability can make budgeting easier and more predictable.

By taking advantage of simplified issue life insurance with a long term care benefit, you can secure your financial future and provide for your loved ones without the hassle of extensive medical exams or the uncertainty of rising costs. Don’t wait until it’s too late—act now to protect yourself and your family.

For more information on this valuable benefit, visit the CMS enrollment page here.