As retirement planning specialists, the team at Miramontes Capital understands that life insurance and long-term care insurance represent parts of a comprehensive retirement plan. We all want a stable financial future for ourselves and our loved ones after we retire. These specialized insurance policies help provide peace of mind.

About 70% of seniors will eventually need some form of long term care. As we plan for our retirements, most people understand the concept of setting aside money for future expenses. This can include making investments, participating in pension plans, or funding retirement accounts. Government retirement benefits are also sources of income after we retire. These potential sources of income may not be enough, especially when we want our loved ones to be financial secure well after we’re gone. Another aspect that many people do not consider when planning for retirement is how we might pay for long-term care. Miramontes Capital can help.

For retirement planning, specialized insurance policies provide solutions. Life insurance plans provide income for our loved ones. Long-term care insurance is designed to supplement government plans like Medicare in helping to pay for care expenses not covered under Medicare.

There are many types of life insurance plans. These are typically divided into two major categories: term life insurance and whole life insurance. Term life insurance is a policy that provides coverage for a specified period of time. If you survive past the end of the policy term, there is no payout. Whole life insurance provides coverage until death. Many of these policies build value over time. In both cases, if you die while your plan is in effect, the insurance will pay death benefits to your surviving family members.

• Delaying coverage
  Long term care insurance provides a way for older adults to fund expensive long term care services. And typically, they receive more coverage care than the premiums that they pay. However, only a handful of retirees have decided to purchase a policy on time.

• Thinking Medicare, Medicaid, and Social Security to cover the expenses
  Medicare will not finance most of the long term care expenses; even though 4 out of 10 Americans age 40 and older mistakenly expect so. Also, Medicaid enforces a strict income limit that may require people to spend down their assets just to qualify.

• Relying on family members to provide the care
  In a previous blog post, we discussed how senior care affects an adult child’s life. By relying on your children to provide the care that you need or pay for the care services you require, you put them at risk of losing their financial stability. The number of hours dedicated to providing care increases with the age of the caregiver. Instead of working and building retirement income, family members spend more time providing care for their loved ones.

There are so many choices when it comes to insurance policies, guidance can be of great benefit in choosing policies. The team at Miramontes Capital takes the time to understand your needs and your concerns. With this information, we can help you select the insurance plans that meet your needs now and into the future. Our guidance and client care are unrivaled in the retirement planning industry.

Call Miramontes Capital Today. Life insurance and long-term care insurance are critical parts of the retirement plan. Speak to our dedicated retirement planning professionals today by calling Miramontes Capital for more information or to schedule and appointment…