Do you have Life Insurance you don’t have to die to use?

In my opinion, life insurance should be a fundamental part of every family’s financial plan. Why? Because you can have the best plan to fund your child’s college or to grow a nest egg for retirement (hopefully both) but your plan will likely come to a screeching halt if one of the breadwinners gets sick. Your continued income is one of your greatest assets. Health insurance does not cover time you take of work for treatment or recouperation. Certain life insurance policies will. Are you covered? Would you be happier to know you are?

Here are some stats:

• Over 61.2% of all Bankruptcies are due to Medical Expenses ( up from just 8% in 2001), 75% of those people had Health Insurance.

• Over 25 Million American’s will SURVIVE a Heart Attack, Stroke or Cancer THIS YEAR!!!

• Over 70% of all American’s will experience a Heart Attack, Stroke or Cancer by the age of 65. That’s 7 out of every 10 people.

• One in 8 women will experience breast cancer and 1 in 3 women will experience some form of cancer in their lifetime.

• The Average Age of a Heart Attack, Stroke or Cancer is 43. Most WILL SURVIVE!!!

• 70% of people over age 65 will require at least some type of long term care during their lifetime.

• Over 40% will need care in a nursing home, and the average stay is now 2.9 years.*

• At an average cost of $219 per day, that’s $231,812…where’s the money going to come from???

• Most American’s cannot afford Disability or Long Term Care Insurance ( 90% ).

*U.S. dept. of health and human services

This is National Breast Cancer Awareness month and the good news is that more and more women are surviving breast cancer. Medicine has come a long way and we are living longer. Within that longer life you or your spouse may go through a process for a period of time where your major focus is getting well. Having the additional financial stress during that time is something that can be avoided by simply planning. Does your policy cover critical, chronic, and terminal illness at no additonal cost?

With a mulitasking life policy, if you are among the 3 in 10 that never need those benefits, and I hope you are, those same dollars can go a long way in providing supplemental tax advantaged retirement income.