Whole life insurance also comes with the ability to add riders, which are additional benefits that improve your insurance. Riders are customizable, meaning you can create a perfect policy for you and your family. One rider we recommend is for long-term care, which makes it possible for you to fund your long-term care, if needed.
“I have never plowed a field in my mind; it takes actual physical work.” — Will Rogers.
My mother-in-law spent her last 39 months in a nursing home that costs her over $8,000 per month. Think about the costs. 39 months × $8,000 equals $312,000. How would this situation affect your family? I have personal experience of being in the nursing home for a month, then spending another month in an assistant living facility. The cost was over $5,200 out of pocket for the month I stayed in assistant living. Thank God every morning and evening that I am alive and well. Life has its way of throwing curveballs at us but we must still get up to the plate and bat. Another Real-Life Example: Back in 2006, I had a client whose wife had recently passed away and had him promise her that he would give their little country church $500,000 upon his death. He was concerned about doing so for many reasons. $500k can be a lot of temptation for some people to misuse. He came to me with the question of what the best way would be to accomplish what she wanted, and yet still keep control of his money, as he had heard me preach over the years to always be in control of your money. At the time, my fixed indexed annuities were giving him a 10% bonus on all money deposited. So, I shared with him how a Charitable Remainder Unit Trust (CRUT) could be the answer he was looking for.
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