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.
In a down economy where jobs are scarce and pennies are being pinched, some people favor canceling their life insurance policy in order to put that money towards immediate expenses.
Patients who take their medications as directed by doctors can reduce emergency room visits and save themselves up to $7,800 each year, according to a study by CVS Caremark.
It’s no secret that times are tough and money is tight. Fortunately, term life insurance provides inexpensive protection for you and your family.
So what is term life and what makes it unique from other life insurance plans? The biggest difference is that it provides protection for a limited period of time, notes Edward E. Graves, author of “McGill’s Life Insurance.”