Long-term care and life insurance play a big role in your retirement planning. It’s important to know what your options are ahead of time.

Long-Term Care

The need for long-term care is a possibility for many retirees. If you’re 65 or older, you have a 70 percent chance of needing some form of long-term care during your remaining years.1 If you know about your options, this part of retirement is nothing to worry about.

Companies typically offer two different types of plans. One might have a monthly premium and then offers guaranteed monthly payouts for an extended amount of time, like for a set period of 48 months, you’d receive $2500 in monthly payouts.

Another type of long-term care coverage allows you to deposit a sum of money and gives you access back to this principal at a determined time, say in 4 years, if you do not begin using the plan. You would then be able to receive a predetermined amount of coverage, such as $2500 per month for 48 months, if you needed long-term care. The distinct difference here is that you don’t have to concern yourself with monthly payments, and you’ll get the original investment back if you don’t end up using the long-term care.

Both of these options can be very useful and offer the assets to cover expensive medical costs.

Life Insurance

The use of life insurance is often only associated with someone wanting to provide an income for their spouse. However, there are a few other situations where life insurance can be very useful. Life insurance policies can be used to cover tax bills when leaving money behind or help cover debt.

Here are two examples: Mary had a large estate of $10 million she was leaving for her children, but she was worried about the $1 million tax bill they would have to pay when the estate got passed on. She decided to take out a life insurance policy of $1 million so her children could enjoy their full inheritance. Another example is Frank who had $50,000 in debt. He was worried about passing away only to leave his debt behind. He worked with a financial advisor to create a plan that included a $400,000 life insurance policy to ensure that his debt wouldn’t be left to his beneficiaries.

To head into retirement smoothly it is important to properly prepare, like knowing your options for long-term care and life insurance. Miramontes Capital wants to help you plan ahead so you can enjoy the best years of your life.


1 “Who needs care?” longtermcare.gov. U.S. Department of Health and Human Services. Web.


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Miramontes Capital is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Miramontes Capital and its representatives are properly licensed or exempt from licensure. This blog is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital unless a client service agreement is in place.