Life Insurance for Bethesda, Gaithersburg, Frederick and, Maryland

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Is Home Care Included In Life Insurance?

If you have life insurance and are recovering from a surgery, or if you require 24hr professional medical assistance, you may have thought about the possibility of using life insurance to pay for the expenses involved with hiring a home care assistant.

The good news is that this is possible. You can use your life insurance policy to benefit from this kind of service, but only if you can use the insurance in combination with the following options:

  • Viatical settlements
  • Combination products
  • Life settlements
  • Accelerated death benefits

Now, the four options mentioned above don’t sound that great, since we are talking about the end of life period, but they surely are something you need to think about during your life as an adult. Because more and more people – statistically speaking – end their life bedridden. It is not a great image to think about, but it is a reality we all need to learn to accept.

Now, for example, the ADB option is a feature you can include in your life insurance policy to make sure that you are entitled to receive a tax-free advance while you are still alive.

This is necessary because of one main reason: life insurance policies are usually created to help your family deal with the financial challenges they need to face once you pass away. Life insurance is not meant – originally, at least – to be used by you when you are still alive.

You must keep in mind that there are different types of ADBs that are meant to be used in different situations (i.e.: terminally ill, life-threatening diagnosis, if you need home care services for an extended amount of time, and so on).

It is better to decide upon your needs together with your family and your insurance agent.