Preparing for the Unexpected The Other Sure ThingThough we don’t like to think about it, all of us will make an exit sometime, and those we love may suffer if we are not prepared. What to Look for in a Long-Term-Care PolicyHere’s a list of 10 questions to ask that may help you better understand the costs and benefits of long-term-care insurance. Life is unpredictable. IWM can help you build a portfolio that seeks consistency using products that assist in protecting your financial assets and retirement savings. IWM offers personalized strategies and products geared towards helping secure your financial future. Two of these products are Life and Long Term Care insurance. The Facts of LifeThe death benefit provided by life insurance is a key component of a sound financial plan. The right amount of life insurance coverage can help you protect your family. Without protection, the loss of your income could mean that your family would face a major change in lifestyle or standard of living.While life insurance is primarily purchased for the death benefit, some life insurance offers additional features that can benefit your family during your life. These are referred to as living benefits. Some benefits can include:Supplementing your income at any age Assistance with starting a business Funding your children’s education Supporting your family through life emergencies Why worry about Long Term Care?It’s a common misconception that Long Term Care (LTC) insurance is not anything to worry about until someone is nearing retirement. Unfortunately, waiting until one’s late 50’s or early 60’s to look into LTC isn’t always the best plan.In the year 2000, 63% of people who required LTC were over age 65, but the remaining 37% were age 64 and under. LTC insurance is not usually covered by normal health insurance nor MediCare, and is only partially covered by MedicAid.Purchasing an LTC policy at a younger age and while still healthy can help to ensure that you won’t have to rely on your children or other family and friends for care and financial support should you need prolonged medical attention. Paid for out-of-pocket, the national average annual cost of LTC, which can exceed $81,000 per year, could deplete savings and leave loved ones in debt. Having a long term care plan in place is a good way to help support a comfortable quality of life for yourself while helping to protect your family from having to shoulder the financial burden of providing potentially costly ongoing care for you.If you are concerned about any of these issues, give us a call. As reported by the U.S. Department of Health and Human Services; LongTermCare.gov/the-basics Based on private pay rates for 365 days of care in a semi-private roomInsurance policy guarantees are based on the claims paying ability of the issuing company.