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Universal Life Insurance

Long Term Care Insurance Policies

Chicago Insurance Advisors

What it is and how it relates to workplace benefits that are offered by employers

Long term care insurance is a stopgap for many of the expenses that can occur as a result of age. It is the care insurance that takes care of expenses in case of an unexpected emergency that creates a void in the income of a household.

Who it is for

Long term insurance can be taken out for anyone; however, most of the people who invest in it are nearing retirement age. It may also be a part of an employment contract for many jobs that are higher than average in physical risk. Many self employed people will also take out this kind of insurance in order to serve as a buffer against the economic shock of retirement with no pension from an employer.

How it works

Insurance pays off when one or more of the conditions of the payoff is met. For long term packages, this is usually an injury that causes a person to be unable to work or a condition that causes the insurance package to pay off when the insured reaches a certain age or mental capacity.

Different types of coverage in existence

The major forms of long term packages are those that are created by employers and those that are created by self employed people.

Major benefits

The major benefit of long term package insurance is the ability to support oneself and remain independent no matter what happens in the economic life of the insured. Another major benefit is the peace of mind that a long term package gives to an insured person. There is much less of a risk that a sudden physical or mental ailment will cause problems.


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