Friday, March 9, 2012

Long-Term Care Insurance - Why Buy Something I May Never Use?

This question probably weighs on everyones mind that is thinking about purchasing long-term care insurance. But if you really think about it, do people really want to use the other types of insurance they have. Do they want to use their homeowners insurance because of a fire, auto insurance because of an accident, or collect on loved ones life insurance policy? The answer is no! No one wants to use these insurance policies but that does not stop any of us from owning them because it protects us from the risks of reality. The same goes true for long-term care insurance - there is too much financial risks for some of us not to plan for long-term care insurance. The costs of long-term care services can deplete one's assets entirely without the protection of LTC Insurance. Not to mention the potential emotional and physical burden we could place on our loved ones if they are stuck caring for us because we didn't plan properly.

Because this is a concern for many ,Genworth does offer a return of premium option on most of their long-term care insurance products. That way if someone were not to use their policy benefits then the premiums would go to their beneficiary. Or there is also the option of purchasing a combined long-term care insurance product that includes an annuity or life insurance. There are all great options for those who are cornered about never having to use their long-term care insurance policy.

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