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Long-term care insurance and estate planning

As you create an estate plan, it is important to focus on the here and now as well as the future. This means many things, including a closer look at the type of insurance coverage you carry.

Many people are under the impression that life insurance is the only type that matters when it comes to estate planning. This is not true, as you also need to consider the benefits of long-term care insurance.

This type of policy provides money in the event that you require care in a nursing home or assisted living facility. You may not believe this will ever happen to you, but there is no way of saying what the future holds. The potential to become incapacitated at some point is very real.

Before you purchase long-term care insurance, there are some questions to answer:

-- What does this type of policy cover?

-- What is the cost of long-term care insurance?

-- How long are you required to make premium payments, and does this fit into your budget?

-- What age is best to purchase a policy?

-- What features of a long-term care insurance policy are most important?

Along with answering these questions, there is something else to consider: your family. It is important that they understand the coverage you have and how it can be used in the future.

Long-term care insurance can be a big part of your estate plan. If you don't yet have this type of coverage, look into whether or not it makes sense. It could be just what your estate plan needs.

Source: CNN Money, "What is long-term care insurance?," accessed Dec. 22, 2015

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