For those people that do not want to invest in long term care insurance, there are other alternatives that may fit better into their lifestyle. Strategically using your assets to help cover the cost of long term care is a good option. The main benefit of this strategy is that if you do not use your money for your care, your assets will still be passed, tax free, to your beneficiary.
The first step is choosing a specially designed life insurance policy that carries riders to prepay death benefits and reimburse you for the cost of long term care. Factors such as age, sex and health status, will determine how much your investment will pay out. Your money can be worth up to twice as much if you die without ever needing to access your benefits. If you need your benefits, it can pay up to five times the amount deposited.
Another benefit of this type of long term care strategy is that you can use your money for other purposes if needed. Typically these plans come with a money back guarantee. This strategy is great for someone that does not want to invest in a traditional long term care plan as it allows them to use their own assets to pay for their own care.
