Life, Disability and Long-Term Care Insurance

There are many reasons that someone might need life insurance. You might need it to pay off debts and provide for your spouse and children in the event of your death. If you own a business, your bank may require it to cover a loan for their protection, or you may need it to fund a buy-sell agreement with a business partner. Businesses often have life insurance on key employees that if they were to suddenly die, would significantly affect the business’s ability to survive. Life insurance is an amazingly effective way to accomplish charitable giving to the causes close to your heart.

With so many reasons one might need life insurance, there are many companies and even more products to address these various needs. We have the knowledge, experience, and resources to design a life insurance strategy and then find the products to implement the strategy in the most cost-effective way possible.

If you have a job, you most likely need disability insurance. The possibility of a disabling illness or injury may seem remote, but statistics say otherwise. You have a 3 out of 10 chance of suffering a disability that keeps you out of work for 90 days or more. It is important to note that 90% of disabilities are caused by illness and not accidents. Whether you are a doctor, business owner, or just someone trying to make sure your family keeps the roof over their head, a disability insurance policy may be an important need. The professionals at Legacy Wealth Concepts have access to a wide range of companies and products to meet your specific needs.

^{1 The Real Risk of Disability in the United States, Milliman Inc., on behalf of the LIFE Foundation, May 2007
2 The Council for Disability Awareness, Long-Term Disability Claims Review, 2010}

70% of people turning age 65 will need long-term care during their lifetime. Medicare only covers a portion of skilled nursing costs up to 100 days.*

Medicaid is only available to those with limited assets and income. Changes to Medicaid rules have limited the ability to give away assets so that one may qualify for Medicaid to pay for their Long-term care.

Your savings may not be enough to provide for your care and leave enough money for other family members that are dependent on your financial assistance, like a spouse or disabled child. Family may not be able to take care of you. The stress of caring for you will negatively impact the people that love you the most. People caring for others are more likely to experience depression or anxiety. 

The professionals at Legacy Wealth Concepts have the experience and resources to design a needs specific plan to address your potential long-term care risks.

^{*U.S. Department of Health & Human Services, “Medicare & You 2015,” www.Medicare.gov, www.medicare.gov/Pubs/pdf/10050.pdf, revised December 2014.}