Term Life Insurance

By Tom Strangstalien, Executive Director Individual Insurance Planning

We often view term life insurance coverage as a commodity – the more coverage we can secure at the lowest cost the better. This is a flawed premise. There are numerous options and riders to at least consider when purchasing term life protection. An innovative new rider shatters this basic premise to pieces!

The last thing on your mind when securing term life insurance is probably your future long-term care needs. This life insurance is usually purchased when we’re younger, our income is lower, and we have debts and loved ones to protect. However, long-term care needs are real. The costs are exorbitantly high and the odds of needing some form of care in our life are statistically shocking. Consequently, the cost of long-term care protection is not inexpensive, and when you’re younger, it might not fit into your overall budget. An innovative new optional rider addresses this dilemma.

The monumental rider I’m referencing allows for the “conversion” of term life insurance to a whole life policy that not only provides life insurance protection but also benefits for long-term care, including home health care, assisted living, adult day care, respite care, and nursing home care. Basically, the benefits will be used for long-term care, or the life insurance amount will be paid to the beneficiaries of the contract. It’s a win-win.

The conversion of the policy can be done within ten years of the policy issue date with no medical underwriting! In essence, you’re getting “guarantee issue” future long-term care protection. And of course you don’t know what your future health will look like. This rider can be purchased between the ages of 18 and 60, in amounts between $100,000 and $2,000,000 in protection. The really great part is that it’s extremely affordable.

Likely your financial plan includes some form of life insurance protection. Throughout your life your needs and overall financial plan evolves and changes, and long-term care planning will become a bigger priority the older you get. Why not “lock in” the ability to secure some future long-term care protection now at a very affordable price?

If you’re interested in exploring this dynamic coverage, my team can easily provide a quote. Contact me at tom.strangstalien@wismedassure.org or 608.442.3730.