Does Life Insurance Cover Long-Term Care?

Does Life Insurance Cover Long-Term Care?

New York residents will now be able to use some of their life insurance policy to cover long-term care expenses, according to a press release.

“By passing this law, we no longer burden taxpayers with the long-term care expenses needed by the growing senior population and we’ve given thousands of seniors a creative and costsaving way to cover their care,” said state senator Jeff Klein.

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Special Insurance Considerations for Dependents

Special Insurance Considerations for Dependents

Children and spouses are just one group of dependents that may require cash proceeds from a life insurance policy. Age and direct ties to your family are a couple things to think about if the worst should happen to you.

Distant relatives, ex-in-laws, foster children, and child support for any illegitimate children may also require additional streams of cash, notes Edward Graves, author of “McGill’s Life Insurance.”

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