PREMIUM REFUND LONG TERM CARE INSURANCEMost people see the need for protecting their assets and lifestyle against the potential of nursing home or other long duration personal care assistance. Many young adults have friends or family members who have needed extensive, expensive long term care. The majority of adults approaching retirement have a good idea of the likelihood of needing asset protection long term care insurance. The Brookings Institute has determined that 80% of adults age 65 will have some long term care expense in their lifetime. The Problem ……Most people see the need for protecting their assets and lifestyle against the potential of nursing home or other long duration personal care assistance. Many young adults have friends or family members who have needed extensive, expensive long term care. The majority of adults approaching retirement have a good idea of the likelihood of needing asset protection long term care insurance. The Brookings Institute has determined that 80% of adults age 65 will have some long term care expense in their lifetime. “What if I never need to pay for long term For many people this is the real problem with the decision to purchase long term care insurance: It is not clear that the risk of loss is worth the premium cost. Statistics aside, the premium is viewed as too much to pay for a “nice to have” but not an essential insurance protection. How can an insurance policy be designed to meet this challenge? The answer is the inclusion of inflation protection, nonforfeiture, and premium refund policy provisions:
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