Issue link: http://read.dmtmag.com/i/771978
Winter 2017 — www.ncsf.com 25 What happens when they come home to live after they graduate? How long will they stay? What happens if you're not around to pay these expenses? Do you have adequate life insurance? Grandparents provide the primary ¿QDQFLDOVXSSRUWIRURQHRXWRI 10 grandkids, and 49% of parents age 60 and older are still providing ¿QDQFLDODVVLVWDQFHWRDQDGXOW child. Is there still a need for life insurance protection? Absolutely! You're supporting your parents. What about adult children who are supporting parents who are 65 or older? Some 15% of people age 40 to 59 are providing this support while still raising a young child or an adult child. For people 60 and older with a living parent, 50% of the parents need help with day-to- day activities. Does the caregiver still need life insurance? What happens if the caregivers are no longer around? You'll need to factor LQPHGLFDODQGORQJ term care costs in retirement. Now let's talk about the cost of medical care after retirement. According to Fidelity Investments, the average 65-year-old couple will spend $220,000 in 2013 dollars on out-of-pocket medical expenses during retirement. Have you provided for this in your retirement planning? Keep in mind that this does not include the costs for long- term care. Long-term care is currently $250 per day in Tampa, Florida. That is $91,250 per year. The average 65-year-old woman will need this care for 3.7 years compared with 2.2 years for men, but I know a number of instances where the person was in a nursing home for 10 years or longer. Have you planned for this? The solution. So let's come back to life insurance—permanent life insurance, which is also known as cash-value life insurance. Permanent insurance, unlike term life insurance, provides lifelong protection, as long as you pay the premiums. Because it is designed to last a lifetime, permanent life insurance accumulates cash value, which you are able to access while \RX¶UHDOLYHIRUZKDWHYHU¿QDQFLDO needs you might have. It will be there when it is needed most and provides guarantees, YHUVDWLOLW\DQGÀH[LELOLW\IRU\RXU changing life situations. Cash-value life insurance provides security, dignity and peace of mind and solves the risk problem for pennies on the dollar. If you love somebody, owe somebody or have someone dependent on you, you need life insurance. LIFE HAPPENS BLOG: REPRINTED WITH PERMISSION. APRIL 23, 2015 | MARVIN H. FELDMAN, CLU, CHFC, RFC, PRESIDENT AND CEO OF LIFE HAPPENS 2 3 NCSF's Whole Life Insurance is insurance protection throughout one's lifetime. $VORQJDVWKHFHUWLŅFDWHKROGHUSD\VWKHLUSUHPLXPVWKHFHUWLŅFDWHZLOOUHPDLQLQIRUFHĠUHJDUGOHVV RIDQ\FKDQJHVLQKHDOWKRUOLIHVLWXDWLRQVWKDWPD\RFFXU:KROHOLIHFHUWLŅFDWHVGHYHORSDFDVK YDOXHRYHUWLPH7KHORQJHUWKHFHUWLŅFDWHLVPDLQWDLQHGWKHJUHDWHUWKHFDVKYDOXH0DQ\ZKROH OLIHFHUWLŅFDWHVKDYHSURYLVLRQVWRERUURZDSRUWLRQRIWKHDFFXPXODWHGFDVKYDOXH © CAN STOCK PHOTO KADMY