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.
More than one-third of Americans ages 45 to 70 fear they will run out of money during retirement, while almost half have no plans to protect themselves should they outlive their financial resources, according to a survey conducted by the Society of Actuaries.
According to the US Department of Health and Human Services, they have comprised published statistics concerning health issues and the importance of preventive services. In 2010, there were 1,219,545 deaths of women aged 18 and older in the United States. Of these deaths, nearly half were attributable to heart disease and cancer, which were responsible for 23.8 and 22.4 percent of deaths