by | September 25th, 2023

Generally speaking, sometime between your late 50’s and age 65 is a good time to consider an important question for your retirement planning. When does protecting your assets (long-term care insurance) become more important than protecting your income (disability insurance)?

Disability insurance is designed to protect your income, meaning the loss of your ability to earn a paycheck due to injury or illness. The leading causes of claims include diabetes, heart attack, stroke, back pain, broken bones, musculoskeletal disorders, etc… As we age, income is still as important but another component to think about is protecting the assets that you have worked so hard to build.

Long-term care insurance is designed to protect your assets in the event you need long-term care, but also gives you funds to pay for your long-term care expenses.  It helps you pay for necessary care facilities often required by people with Dementia, Alzheimer’s, Parkinson’s, and chronic conditions that hinder mobility.  Other expenses include the cost of a nursing home, assisted-living facility, or home health aide.

Do you need both disability and long-term care insurance at the same time or is there a certain point that you can transition from disability insurance to long-term care insurance?  It’s important to know that both of these offer protection against health-related financial risks. Disability insurance is recommended once you start working and the end date can vary depending on your financial situation; therefore, timing will be different for everyone.

Please contact us today to arrange a review and we can determine what sort of disability/long-term care plan is in your best interest as well as review any current plans that you may already have in place.  https://go.oncehub.com/KennethFahmy