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How To Minimize Impact On The Estate
How can you keep your estate from being depleted by the need for long-term care? There are currently a number of insurance companies that offer LTC insurance policies. Some are individual policies, while others are obtained through an association or employer (group policies).
There are also life insurance policies, which pre-pay the death benefit for LTC. This is sometimes referred to as an "accelerated benefit" provision. Under these arrangements a portion of the policy's death benefit is paid on a periodic basis when the insured needs LTC services. It is important to remember that the amounts used under this provision will reduce the amount of the death benefit the beneficiary will receive, as well as the cash value of the life insurance policy.
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