As the oldest Baby Boomers begin to wind through their 50s, one of the biggest concerns may not be outliving income, but outliving good health.

For seniors, home health care can cost $50,000 or more per year(1), and nursing home care can run as high as $80,000(2). Does your retirement plan account for this kind of possibility? Would you be prepared for twice that number as a married couple?

Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care, and neither your group nor major medical insurance will cover long-term care, it’s critically important to plan ahead and protect yourself from these costly expenses.

We can help evaluate your situation and determine if purchasing a long-term care insurance policy is the right move to help insure your future.

(1) Genworth Cost of Care Survey, 2010
(2) MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, 2009


Life insurance isn’t for those who have died—it’s for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. As a rule of thumb, you should seek coverage between five and seven times your gross annual income.

As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent. Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that time period. You pay the same amount of premium from the first day of the policy until the term ends. Permanent insurance, on the other hand, does not need to be renewed. A permanent insurance policy will stay permanently in effect for the rest of your life so long as premiums continue to be paid.