Life insurance seems like coverage meant only to provide financial help after death. That does not always need to be the case. Some policies might help individuals with financial needs towards the end of life.
For those in need, this can be a very important asset in which to invest. One of the key reasons to choose life insurance is for the long-term care benefits available.
Why Consider Long-Term Care Needs? 
People are living longer. New technology is helping people to live longer lives; sometimes old age comes with medical dependencies. However, the cost of long-term care, such as in a nursing home or assisted living center is high. And, many Americans just do not have the savings set aside to help with these costs.
This is where the right life insurance policy can help.
How Does It Work?
Not all life insurance policies offer this type of financial protection. Some policies offer a long-term care rider.
This is a policy purchased to "ride along" or be a secondary component to an existing life insurance plan. Anyone who has it will have access to financial support during their lifetime if they are in need of permanent (or in some cases short-term) care in a care facility. When this need occurs, the policy begins to pay out a monthly dollar amount. It will continue to make these payments until the user reaches the policy's limit.
This type of coverage is specific. In short, the policyholder is accelerating the death benefit. The death benefit is the amount of funds paid to the beneficiary at the time of the policyholder's death. In this situation, the insurer divides the death benefit amount and pays out a portion of it every month. The funds go specifically to pay for the individual's long-term care needs.
Whole Life Coverage
Another option to consider is whole life insurance. This type of policy can often pay out dividends, or profits, during the later years of life. The amount depends on the amount the policy earns as an investment. This offers less consistency, though.
With the help of life insurance, families can rest assured their loved one receives the care he or she needs. Yet, they do not have to manage the financial costs themselves. Long-term care is becoming more common. That makes this type of life insurance more important than ever.
Get covered today! Call Deale & Associates Insurance Agency for an instant, free life insurance quote.