Q: Why would a business owner buy long term care insurance,
when the business could buy it for them?
Yours, with our thanks for answering 2 quick LTC questions.
Whole life insurance
What is whole life insurance?
From the National Association of Insurance Commissioners
Of which, I am not one. In this justifiably regulated industry, as a matter of best-practice and compliance, I see no need to impress anyone with my own terminology definitions, when we can simply go to the authorities to define those terms for you.
"Whole Life Insurance covers you for as long as you live if your premiums are paid.
You generally pay the same amount in premiums for as long as you live, and that is sometimes referred to as "permanent" life insurance.
When you first take out the policy, premiums can be several times higher than you would pay initially for the same amount of term insurance.
But they are smaller than the premiums you would eventually pay if you were to keep renewing a term policy until your later years.
Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65.
Premiums for these policies are higher since the premium payments are made during a shorter period."
Whole life insurance illustrations
"You may be thinking of buying a policy where cash values, death benefits, dividends or premiums may vary
based on events or situations the company does not guarantee (such as interest rates).
If so, you may get an illustration from the agent or company that helps explain how the policy works.
The illustration will show how the benefits that are not guaranteed will change as interest rates and other factors change. The illustration will
show you what the company guarantees. It will also show you what could happen in the future.
Remember that nobody knows what will happen in the future. You should be ready to adjust your financial plans if the cash
value doesn’t increase as quickly as shown in the illustration. You will be asked to sign a statement that says
you understand that some of the numbers in the illustration are not guaranteed."
Is Final Expense insurance Whole life insurance
Life insurance for one's whole life makes the most sense, does it not, since a final expense insurance policy is to pay for end of life expenses?
However, it is a big mistake to only consider funeral expenses as final expenses. Family expenses also must be considered:
- Unpaid medical bills
- Unpaid consumer debt, rent, utilities, etc
- Probate fees to settle estate plans
- Taxes that must be paid
- Storage space
- Travel and lost wages
Adamsson Associates has developed a simple final expense calculator for you to download and save, then use, either as a fillable form, or to print out and write on.
IMPORTANT: The final expense calculator will only be fillable after you download, and then open with whatever pdf reader application is installed on your system.
Funeral expenses+Family expenses=Final Expenses
Frequently asked questions regarding long term care life insurance
Question
Answer
Question
Answer
Related Pages
What is Term Life Insurance
What is term life insurance? It's like leasing or renting life insurance for a period of time. At the end of the term you own nothing, but enjoyed the protection while you had it.
Cash Value Life Insurance
Why would I consider cash value life insurance?
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The Rest Of Our Retire Early More Often Story
Looking for a sabbatical lifestyle? You might consider becoming an Adamsson Associate for the support and encouragement you and yours are going to need. Why? Because living counter-culturally can be hard. and, On top of that, we don't have all the answers, even after 3 complete business cycles. Sorry.
Every sabbatical year for us has been unique. Every six-year business cycle has been imperfect. Despite that, we don't beat ourselves up when we fail. We choose to approach this all as a gift, and with a sense of humor, instead. Recreationally, really. Why? Well . . . isn't that our purpose? To re-create?
"I'm gonna figure this sabbatical-thing out, even if it kills me." If that's you, rather than dying trying, might we suggest living, instead? From our experience, we have come to realize that a formulaic approach simply won't lead to the sustainable, generational lifestyle that we were designed for, from the beginning.
sabbatical living is more like flying a kite. remain teachable--willing and able to adapt to change.
We're simply pointing out that if you start early enough, you could get seven tries to retire early more often. Maybe even eight! Seven or eight tries-- a retirement, every seventh year. But, only for a year and . . . only if you want to. One way, (if you want to,) would be to join us in delivering to business owners our
RestEquity portfolio:
Risk Management
Executive Compensation/Employee Benefits
Safe Money Places for Lifetime Income, Longterm Care, and Legacy Planning
Trust Funding for Special Needs, Charitable Giving, and Privacy from Creditors without probate
Or, perhaps you're already in another industry and simply looking to limit threats, leverage opportunities, and leave a legacy of living sabbatically for your next generation. So that they, also, can limit their threats, leverage their opportunities, and leave their legacy of living sabbatically for their next generation.
So that . . . and, so that . . . And, so on!
Whether you dream of becoming an Adamsson Associate, or simply working with one, Might we suggest that you download our Financial Picture form, as a first step. Fill it out completely, save it to your system and, if you would like our input, return it securely using our encrypted document transfer. Or, don't.
simply Use it as a benchmark from which to plan. However, Whether you submit the document, or not, please fill it out completely before our discussion of any problems, questions, roadblocks, or results that you just might want to discuss as it pertains to your very first sabbatical plan.
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