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Life and Health Bulletin
How Does Long-Term Care Insurance Benefit Your Family?
Long-term care insurance covers the financial costs of your future care if you get sick. It’s an investment that provides for you and your family in several ways.
Reduce your Future Financial Burden
The cost of long-term care can exceed thousands of dollars, so it makes sense to purchase an LTC insurance policy while you’re young. Policy premiums depend on several factors.
Your gender, age and health when you purchase the policy.
The per-day payout.
The length of time the policy covers.
The policy’s lifetime maximum.
Optional benefits you add to the policy.
By purchasing an LTC policy you can afford now, ensure your future care and relieve your loved ones of that financial burden.
Purchase a Policy when you’re Healthy
Wait until you’re sick, and you may not qualify for an LTC insurance policy. Many insurance companies deny coverage if you currently:
Use long-term care services.
Need help performing Activities of Daily Living (ADL).
Have dementia, cognitive dysfunction or Alzheimer’s Disease.
Suffer from a progressive neurological condition, including Parkinson’s Disease or multiple sclerosis.
Had a stroke within the past two years or have a history of strokes.
Have metastatic cancer.
Have AIDS or AIDS-Related Complex (ARC).
For these reasons, purchase a policy now. It guarantees your future care and gives your family peace of mind.
Receive More Care Choices
Your private health insurance or Medicaid may pay for the care you need, but it might not cover homemaking services, therapy or assisted living. As a result, some of your care may fall on your loved one’s shoulders. An LTC insurance policy gives you more care options, and your loved ones can relax knowing that your needs are met.
Customize your Care
When you purchase your LTC insurance policy, you choose a maximum daily amount of coverage. This policy limit can then cover homemaking services and the expenses related to your daily care, such as dressing, bathing or eating. The policy can also pay for treatment in your home, assisted living facility or nursing home. You can receive hospice, respite and skilled nursing care along with occupational, physical, rehabilitative, and speech therapy, too. Because of the customized care your LTC policy provides, your loved ones gain confidence that you will receive the right care for your needs, health and preferences.
Protect your Savings
The high cost of long-term care can put a strain on your savings. In a few short months, your nest egg and other resources could be depleted, making LTC a smart investment for you and your family.
Because long-term care insurance is important for you and your family, consider purchasing a policy today. Talk with your insurance agent to discuss your specific needs.
Glenn Insurance, Inc
Should You Include Your Life Insurance Policy In Your Will?
Life insurance provides your beneficiaries with financial assistance. In addition to purchasing adequate life insurance coverage, understand if you should list it on your will.
Probate Versus Nonprobate Assets
When you die, your estate goes into probate. Probate is the process through which the executor of your estate files paperwork with the probate court to prove the validity of your will and ensure your final wishes are carried out.
Typically, any outstanding debts are paid. Then money is allocated to survivors. Of course, the executor also ensures that individuals receive any specific assets you want them to have such as real estate, art or heirlooms.
Some of your assets will not go into probate after your death, however. Life insurance is one nonprobate asset. The beneficiaries listed on the policy receive the death benefit whether the policy is listed in the will or not. This occurs because probate courts view life insurance as a contract between you and the life insurance company. You pay premiums, and the life insurance company agrees to give your policy’s beneficiaries the death benefit for which you paid.
Why List a Life Insurance Policy in Your Will
Even though your life insurance policy is a nonprobate asset, you may consider listing in in your will. Listing your life insurance policy makes it easier for your beneficiaries to discover the policy, tell the company that you have died and receive the financial support they need.
You will also want to include your life insurance policy in your will if your estate is the beneficiary. In this case, the policy’s death benefit will to into probate and be distributed according to your wishes.
How to Choose Life Insurance Beneficiaries
You may choose whomever you wish to be your life insurance beneficiary. The policy’s beneficiary can be the same person you list in your will or someone totally different.
Popular beneficiaries include:
Charity or foundation
You can change your life insurance beneficiary at any time. Simply contact your life insurance company and complete the beneficiary form. Remember that because your policy is a legal contract, you cannot use your will to change the beneficiaries on your life insurance policy. Be sure to update your beneficiaries as needed to ensure your final wishes are carried out.
Life insurance is a valuable estate management tool. It can provide financially for your family or fund a charity after you die. Decide today if you will list it in your will or not, and be sure to update the beneficiaries.
Glenn Insurance, Inc
Can Your Life Insurance Premiums Increase In 2019?
With so many expenses rising in 2019, you may worry about your life insurance premium costs. Learn more about whether or not your premiums can increase.
Review the Type of Policy you Own
Your life insurance policy pays a death benefit that replaces lost income if you die while the policy is in effect. You can purchase several different types of life insurance. Depending on the type you buy, you may have a guaranteed or a renewable premium. Review your policy to determine which type of premium you have.
Consider a Guaranteed Level Premium
A term life insurance policy with a guaranteed level premium features a fixed premium that does not change for as long as the policy is in effect. You select a term of 10, 15, 20 or 30 years and then pay the same amount every month for the duration of the policy. This option may be right for you if you like predictable premiums and need a policy in place to pay off a mortgage or provide for your children.
Rethink an Annual Renewable Premium
The cost of a term life insurance policy with an annual renewable premium will change each year. The insurance company bases the increase in part on your age. This premium option may be right for you if you want a death benefit to cover a short-term loan or are between jobs. However, avoid an annual renewable premium if you need the policy’s death benefit to cover a long-term financial obligation or want predictable premiums.
Evaluate Whole Life
A whole life insurance policy differs from a term policy in that it pays a death benefit and also earns cash value. The premiums for whole life insurance typically stay the same every month, but they are higher than term life insurance premiums. Evaluate your needs and finances as you choose the right type of policy for you and your family.
Change your Lifestyle
Life insurance premiums depend in part on your gender, age, health, and family’s health history. You’ll spend less money on your life insurance premiums if you maintain a healthy weight, quit smoking and make other healthy lifestyle choices.
Purchase an Additional Policy
Control your life insurance costs when you purchase a new policy. Whether you choose a term or whole life policy, it supplements or replaces your current coverage and provides predictable premiums every year.
Life insurance premium rates can rise as you age. However, purchase a term or whole life policy with a guaranteed level premium now, and you won’t have to worry about the cost of your policy increasing later. For more information on how you can purchase affordable life insurance that meets your needs and preferences, contact your life insurance agent.
Glenn Insurance, Inc
Which Dependents You Can Add To Your Group Health Insurance Policy
Open enrollment for employee health insurance plans begins in November. You may wish to add dependents to your current policy as you care for your loved ones. Here are the details about who you can add to your group health insurance policy.
Many group health insurance plans allow you to add your spouse to your plan during open enrollment or within 30 days after your marriage. You may also add a same-sex spouse if your state legalizes same-sex marriages and your plan allows this provision.
You may add biological children to your health insurance policy even if they don’t live with you. If you give birth to or adopt a child or if your child loses insurance coverage through Medicaid or CHIP, you have a 30-day window to add that dependent to your group health insurance plan.
You may add stepchildren to you health insurance plan if they’re under the age of 26. You may add them during open enrollment seasons or within 30 days of your marriage.
You may add a grandchild to your coverage if you have legal guardianship of that child and they reside with you. If a dependent child or dependent adult child on your current health insurance plan has a baby, you may also be able to add your grandchild to your policy. However, most states do not have this provision, so be sure to read your policy for details.
Some health insurance plans do allow you to add dependent parents to your policy. However, the federal government doesn’t mandate this coverage, and it’s an uncommon practice.
A small minority of group health insurance plans allow you to add a boyfriend or girlfriend to your policy. You may need to prove that you share a domestic partnership and have a history of living together.
In some cases, you can add a domestic partner to your insurance policy. State, carrier and employer guidelines vary, so discuss your options with your HR department.
Separated or Divorced Spouse
If you separate or divorce from your spouse, you typically cannot keep them on your health insurance policy. A separation or divorce does qualify your ex-spouse for COBRA benefits, though.
Paperwork Required to Add Dependents
To add a dependent to your health insurance policy, you may need to prove that they are legitimate dependents. Provide a marriage license, birth certificate and other documents that prove your dependent relationship.
This November, choose the health insurance plan that meets your needs. Add any dependents, too, as you provide health care coverage to your loved ones.
Glenn Insurance, Inc
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