Life Insurance vs. Long-Term Care Insurance: What’s the Difference?

Aging is a part of life we’re often taught we should postpone or avoid as long as possible. Rather than embracing the beauty of another year, we dread birthdays, avoid revealing our ages, and try desperately to cling to youth. Getting older isn’t something that should be feared; it should be celebrated! Our stories are ever evolving with new chapters being written one page at a time until we finally reach a beautiful conclusion.  Instead of obsessing over old chapters, use the pages you have now to fill your book with life, love, and happiness. 

 As you continue on your life’s journey, planning ahead for yourself, your family and future generations is important. If you’re not sure where to start, understanding your different options is a good place to do it. Let’s begin by exploring the differences between life insurance and long-term care insurance (and benefits of both!). 

What is Long-Term Care Insurance? 

Our bodies change as we age. We are more susceptible to illness or injury, including those related to or caused by getting older. Aging can reduce one’s mobility and range of motion, making it more difficult to navigate a world designed for the young and spry. It takes longer for wounds and broken bones to heal, and even then, they may have lasting effects that stay with us the rest of our lives. While continued exercise and staying active can help to stave off these effects, many people begin to feel the effects of aging in their 30s or younger. 

For older adults who may require assistance with day to day functions, long-term care insurance can help. From limited mobility caused by arthritis or injury, to degenerative diseases like dementia, Parkinson’s, and cancers, this specialized insurance helps to ensure you get the care you need. This can cover the costs of assisted living services such as: 

  • Home health aid 
  • Nursing home 
  • Adult daycare 
  • Hospice care

The level of care necessary is entirely up to you and your family, but Insurance Consultants International can provide long-term care insurance to relieve the potential financial strain of later life care.  

What is Life Insurance? 

Life insurance specifically covers end of life costs. It is intended for the settling of debts including final medical bills and funeral expenses. Life insurance policies may also include survivors’ benefits to help care for your family after your passing. Spousal benefits can be specified as well if you are the primary provider. For children and grandchildren, you may be able to include instructions for the dividing of insurance benefits, including setting up trusts and conditions for monetary payout.  

While no one wants to think about their own departure, but having a life insurance plan can help protect the people you love from suffering further due to financial strains caused by unexpected medical bills or funeral costs. Your personalized life insurance plan can also include details for your final rights so you can ensure your wishes are communicated. 

Being insured for the inevitable is just as smart an investment as car or medical insurance for the unexpected. Plan ahead and rest assured that your family is taken care of into their future. 

Contact Insurance Consultants International now to get started.