When Richard’s dad passed away, the life insurance that was in force was the permanent plan that had been in place for decades. The term had already lapsed. When his Fiancée’s father had a second stroke he had to move in with them because round the clock care was $17,500 a month. We share these stories because Life Insurance and Long Term Care are a critical part of the planning process.
It is our belief that the best type of insurance is the one that is in place when you need it. That could be a term plan that allows you to have Millions in coverage at an affordable premium while you are accumulating assets. It could be a permanent plan that allows you build up a cash value that some people have called infinite banking. You might not want your children to have to change your diapers, and want to use life insurance, or an annuity, to cover long term care costs. Or maybe you just want to remove some money from your estate while leaving your loved ones a tax-free inheritance.