Think you can’t qualify for life insurance? Think again.
You want to protect your loved ones for the future once you’re no longer around to provide for them. We all do. Life insurance gives you that peace of mind that your family will be taken care of after you’re gone.
However, you’re also worried that your health issues mean you won’t qualify for life insurance because it is meant for healthy people only. So what do you do?
Don’t despair—there is good life insurance out there for you! Whether you have diabetes, heart disease, mental health issues, kidney or liver problems, or almost any other health condition, you can qualify for life insurance!
Looking at the Big Picture
About 85% of consumers agree that most people need life insurance, but only 59% are actually insured, according to the 2017 Insurance Barometer Study by Life Happens and LIMRA. Why?
Let’s look at the facts. There are plenty of reasons why someone may not have life insurance or may not qualify for it, including:
• Recent heart disease
• Heart disease prior to the age of 50
• Any recent major disease (cancer, liver, kidney issues)
• Major mental health issues (such as suicide attempts)
• Kidney and/or liver disease
• Wrongly assuming they won’t qualify
Surprised by that last point? You’re not alone. Many Americans wrongly assume they won’t qualify for life insurance, and thus, never attempt to get insured. We are here to put an end to the myth that only healthy people can get life insurance.
We are here to put an end to the myth that only healthy people can get life insurance.
Actually, almost any health history can be insured. The right company can get you insured at an affordable rate, even if you are dealing with any of the issues I listed above.
Take a man in his late 40s, who had suffered a severe heart attack in his early 40s, and while he had been declined elsewhere, we were able to find a company that would insure him.
Another great example is mental health issues, many times consumers with mood disorder and or depression with multiple medications are not insurable. But every company’s underwriting department has unique needs to fill, so recently an individual who had been declined multiple times for mood disorder was able to secure permanent insurance because he has a steady job, and the mental health issues didn’t impact his daily living.
If you are dealing with health conditions, life insurance companies love seeing that you’re working to improve or properly maintain your health.
So if you are over 50, have had heart disease, and it has been resolved for a few years, you can qualify for life insurance.
If you control your diabetes through diet and medication, you can qualify.
If you maintain your mental health with medication and lead a normal life, you can qualify.
Basically, follow your doctor’s orders and you are much more likely to qualify. And that means being able to get financial protection with life insurance that your loved ones need and deserve.
We write endlessly about the times in your life when you need life insurance, how to pick your beneficiaries, and even why buying life insurance online might be the best option for you.
But there’s usually question’s that linger when you’re going through the researching and buying process: Is life insurance really worth it? If you have a spouse, children or other family members who rely on you financially, then the answer is pretty simple: It’s absolutely worth it.
Why is life insurance necessary?
You have to approach life insurance like you would any aspect of your life that poses a risk and ask yourself, “What’s the worst case scenario?”
If you’re on the fence about buying coverage, then consider how your family might fare if you were no longer around. How would they keep up with day-to-day bills? Or, how would your spouse afford childcare or education expenses?
Most people would agree that, without a financial cushion from life insurance, their family might face a dire money situation. That’s why term life insurance is so valuable. It’s an affordable way to protect the people you love most financially.
Life insurance helps provide financial security if you were to die suddenly so that your family won’t struggle to cover day-to-day expenses. It can help:
Even if you’re living the single life with no spouse or kids, term life insurance may still be necessary. It can help protect your parents or other co-signers from needing to pay off the mortgage, student debt, credit card debt, or even a car loan that you leave behind.
However, for most people, life insurance becomes necessary when you get married and have a spouse and children who rely on your income.
How term life insurance works
Term life insurance is one of the simplest (in a good way) and most affordable types of life insurance. It insures your life for a period of time of your choosing, such as until your mortgage is paid in full or your kids are adults. This helps ensure that none of your financial obligations will burden your family if you were to die unexpectedly during the term length.
Most insurers offer term lengths of 10, 15, 20, 25, and 30 years. You make (in the case of Haven Term policy owners) monthly payments for the policy term, and in the event of your death, the policy pays out a death benefit to your beneficiaries.
If you are young and have many working years ahead of you, a long-term policy (30 years) might make more sense. If you have small children, the same is true. Perhaps you want your term length to end around the time your home mortgage or student debt is paid off — in that case a shorter term length might make sense to protect your co-signers from needing to take over loan repayment before it’s paid in full by you.
How much does term life insurance cost?Many people don’t realize how affordable term life insurance can be. It usually offers ample coverage at a much lower premium amount than many other types of life insurance.
A recent report from LIMRA found that many adults overestimate the cost of life insurance. Just how much exactly? The median guess was $600 per year or $50 per month for a 20-year, $250,000 policy on a healthy 30-year-old.
That’s over 4 times more than a policy would actually cost. A 20-year, $250,000 Haven Term policy for a healthy 30-year-old woman would cost about $12 per month. That’s less than your online TV streaming services.
And even if you’re slightly older, you can get affordable coverage to protect your family. A thirty-six-year-old man in excellent health can buy a 20-year, $750,000 policy for as little as $31 per month, for example.
Your individual rates will depend on a range of factors including your age and your overall health.
Why term life insurance instead of other types?There are many types of life insurance policies. If you’re looking for a policy that offers more than $100,000 in coverage, term life insurance is usually the most affordable choice.
Another type of life insurance coverage that offers high death benefit amounts if permanent life insurance, but it’s usually far more costly. For example, a $500,000 whole life insurance policy for a healthy 35-year-old male would likely cost more than $500 per month, compared to $21 per month for a no exam term life insurance policy.
The price difference can be attributed to the fact that permanent life insurance policies cover you for a lifetime versus a term length. They also have a cash value component that you can borrow from over time – although, borrowing from the policy cash value can reduce the total death benefit for your family.
Overall, term life insurance is a simple and affordable life insurance option. It has no investment components to track, and no cash value or loans that impact the final payout. You simply make the monthly payment, and you’re covered for the specified term length. Term life also requires only minimal maintenance – just a review of your financial needs periodically – like when you have another child or if your income increases considerably from when you first took out the policy (a good problem to have.)
In addition to affordability, term life is a product you can build on. If you start out with just $100,000 in term life insurance coverage when you’re young, for example, you’re not stuck with that coverage amount forever. Provided your health allows you to qualify for more coverage, you can continue adding term life policies as your lifestyle and situation changes. As we mentioned already, having another child might give you a reason to buy more term life insurance coverage. Earning more money over time or advancing in your career is another smart reason to buy additional term coverage to replace your income upon your death.
Understanding your needsTerm life insurance isn’t a complex financial product and is a necessary part of financial protection. What’s most important is that you understand what your coverage needs may be and if you do need coverage make sure you’re not putting off the purchase.
Like we mention above, term life insurance (and most life and health insurance for that matter) is more affordable when you’re young and healthy. The earlier you buy your term policy, the better your rates. So the time to comparison-shop and act is now. Given its low cost and high value, a term life policy that fits your coverage needs is clearly worth it. Picture the alternative: dying without a policy and the potential for leaving your family with a huge financial burden. That’s a high cost to pay.
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One of the most harrowing experiences I’ve ever had was during the sixth month of my pregnancy. My husband was out late, hadn’t called, and I was, of course, angry at his thoughtlessness. But this very evening, he had misjudged a bend in a rural, mountain road—and plummeted off the side of it into a ravine, totaling his car.
It was some time before campers found him, unconscious and with a dislocated shoulder, but otherwise uninjured. I was overwhelmed suddenly—even though my husband was going to be fine—with the prospect of managing the future costs of raising a child without him. But there was a catch to this epiphany: I was the breadwinner of the family. If I was worried about losing him, what if he lost me? I talked to an insurance agent and secured policies for both myself and him.
My story could be anyone’s story. And women, in particular, tend to have less life insurance coverage than men. So here’s why it’s a good idea to take stock:
1. Women increasingly are the primary breadwinners and even sole providers for families. Whether you’re earning more than your spouse or you don’t have a spouse, your income is critical to providing the most basic of needs to your family, whether that family involves kids you’re raising, aging parents or a special-needs sibling you’re caring for. Life insurance ensures that whomever depends on your livelihood can continue to do so even after (heaven forbid) something happens to you.
2. Stay-at-home moms need protection, too. Don’t discount the value you provide as the manager of the household. Life insurance provides much needed funds when an overwhelmed spouse or other caregiver suddenly has to find help to care for the kids, manage a household or needs to take a significant amount of time off to stay with them.
3. Women often pay less for insurance—or get more coverage for the same amount.Because women have a longer average life expectancy than men, that in turn brings the cost of life insurance down for women. Also keep in mind that the younger and healthier you are, the less it will cost you. For example, a healthy 30-year-old can get $250,000 of coverage in the form a 20-year level term life insurance policy for about $13 a month.
4. Mompreneurs and those who work part time need coverage too. Women often run home-based businesses or work part time while also raising children. They should also consider their need life insurance because, while they may not be the main breadwinner, their income supports the family and will be sorely missed if something were to happen.
5. Women’s situations can change. Just when you think you’ve gotten your life insurance needs all taken care of, you might experience more additions to your family, or close down a business, or go through a divorce, or a family member might need your active support in the future. Is your insurance up-to-date with your changing needs?
Remember, an insurance agent will sit down with you free of charge to go through your needs and help you find coverage that fits your budget, which is key! Don’t wait for that crisis moment, the way we nearly did!
By Helen Mosher
So you’ve made the decision to learn more about long-term care insurance. That’s smart, as neither health insurance nor Medicare would pay for extended long-term care services in the event that you needed them in the future. Plus, there’s about a 70% chance you’ll need some type of long-term care after age 65, according to government stats. And given that the cost of long-term care can quickly deplete your life’s savings, it just makes sense to add it your financial plan.
When you prepare for any upcoming investment or purchase, you probably run into some unfamiliar language or terminology in your research, which can be frustrating and downright confusing.
Searching for a long-term care insurance policy is no different. A long-term care insurance policy describes coverage under the policy, exclusions and limitations—and can be laden with industry jargon. Here’s a breakdown of the fundamentals:
There are four primary components that determine your long-term care benefits and influence your monthly cost.
1. How much. This is the total maximum benefit available under any policy. There are many maximums to choose from, ranging from $100,000 to $250,000, $500,000 or more. Benefits are available until you have received your maximum benefit in total.
2. How fast. This is the monthly limit you can access from your total maximum benefit. Insurance companies do not pay out your “how much” in a single lump sum. Rather, you access your benefits in smaller amounts on a monthly basis up to a predetermined monthly maximum.
Depending on the carrier you choose, your monthly maximum could range from $1,500 to $10,000 a month. The “how much” and “how fast” components work together to determine how long your coverage will last. If your monthly maximum (“how fast”) is $5,000 and your total policy maximum (“how much”) is $250,000, it would take 50 months (four years, two months) before your exhaust your policy benefits. If you needed $2,000 a month to pay for home care, as an example, it could take more than 10 years to exhaust a $250,000 policy. The greater your “how much” and “how fast,” are the higher your premium will be.
3. Growth rate. This determines how your benefit grows over time. The most common growth rate today is 3%. If your policy started with $176,000 in your “how much” and $4,500 in your “how fast,” a 3% annual growth rate would double your benefits in 24 years to $352,000 total maximum benefit and $9,000 monthly maximum respectively.
You also have the option of choosing a growth rate other than 3% or to increase your maximums upfront and forgo a growth rate all together. A specialist can help you identify the growth rate that best suits your goals and budget.
4. Deductible. Long-term care insurance has an elimination period that, like a deductible, determines how much you may have to pay out of your pocket before benefits are paid. One distinction to note is that an elimination period is stated in days, not dollars. The most commonly selected elimination period is 90 days. This typically means that you must receive 90 days of care that you pay for out of your pocket before benefits are available.
Not that difficult when put simply, right? I hope you feel better prepared in your search for the right policy and that I have also remove some of the confusion. long-term care insurance is here to help you live the lifestyle you want 10, 20, even 30 years down the road.
Winter can be a magical time. We spend the holidays with loved ones reflecting on our thankfulness and dreaming of a bright future. However, a frozen pipe or broken roof can quickly put a halt to a celebration.
Preparing your home for winter can maintain the holiday spirit for months. Get started with UPNIN's top seven tips for winterizing your home.
1. Weatherproof Your Pipes
Consistent cycles of freezing, thawing, and refreezing can severely damage your plumbing and cause a pipe to burst. This can cause flooding, water damage, and even mold. Cover any outdoor faucets and air conditioning units.
2. Check Your Trees
Dead tree limbs can become heavy with ice or snow. Eliminate these dangerous branches before they cause any bodily or property damage.
3. Fix Your Roof
Take a look at your roof to identify any missing or damaged shingles. Replacing these shingles now can help prevent damage from cold weather storms later.
4. Keep Cold Air Out
Want to save on heating bills this winter? Invest in caulking and weather stripping to keep warm air where it belongs and save your heater some effort.
5. Prevent Fire
Holiday decorations and cooking can be a fire hazard. Check out our blog on keeping your home safe from fires over the holiday season.
6. Get Your Mind in the Gutter
When was the last time you cleaned your gutters? Take this opportunity to clear them out before any ice dams are able to form.
7. Drain Your Water Heater
Is there anything better than a warm shower on a cold day? Keep your water heater running efficiently by taking the time to drain out the sediment that tends to collect at the bottom of the unit.
How are you preparing for winter? For more tips and insights, make sure to follow UPNIN on Facebook, LinkedIn, and Twitter.
You’ve picked out the rings, maybe even the venue … things are rolling toward your Big Day. But don’t forget an important element of your new life together: getting your financial lives in sync. Talking about finances with your fiancé or partner may not seem like the most romantic topic, but what better way is there to show your loved one how committed you are to a lifetime of happiness together? Here’s how to get started:
1. Have “the talk.” Tell each other where your key financial information (like checking, savings, and investment accounts, mortgages, insurance, etc.), and important non-financial information and valuables (like birth/marriage certificates, titles/deeds for house/cars, jewelry, safe deposit key, etc.) are located. It’s important to understand each other’s financial dreams and plans, so that you know exactly what to do in any unforeseen situation.
2. Meld your financial responsibilities. While your chemistry may be great as a couple, take steps to make sure your finances mesh well together too. Avoid unnecessary arguments or confusion down the road by determining upfront your spending and saving habits, whether you’ll open a joint checking account and if the responsibility of paying the bills will fall to one person or be handled together. The key is clear communication with one another.
3. Contribute to an emergency savings fund. A financial rainy day is never in the forecast, so it’s important to always have at least six months’ worth of income in a savings account, or money market fund, which can pay for the unexpected. If that seems impractical, stash away as much as you can!
4. Get life insurance. If you have someone who depends on you financially, you need life insurance. You may have some life insurance coverage through work, and that’s a nice benefit to have. But often it’s only one or two times your salary. And while that may sound like a lot, think of what would happen to your spouse or partner financially if you died—they may be paying the mortgage and car and bills on just one salary instead of two. Plus, life insurance through the workplace generally goes away when the job does.
Getting an individual policy that you own makes sense. It’s very affordable when you’re young and healthy (a healthy 30-year-old would pay around $13 a month for a 20-year, $250,000, level-term policy) and you’ll have that coverage as long as you keep paying the premiums. For an estimate of how much life insurance you need, fill out our Life Insurance Form and we will have you quote within 24 hours.
5. Evaluate your disability insurance needs. Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch? If you’re like most, it wouldn’t be long at all: Half of working Americans couldn’t make it a month before financial difficulties would set in, and almost one in four would have problems immediately, according to a Life Happens survey.
Disability insurance ensures that you if you’re sick or injured you’ll continue to receive a percentage of your salary until you can return to work. Your ability to work and earn an income is one of your greatest assets and is something that you need to protect.
6. Where there’s a will, there’s a way. This is also the time to put in place a will, which specifies how one’s estate will be managed after death and designates executors, guardians and trustees. And don’t forget to get a living will, too, to make sure your spouse knows whether or not you want to be kept on artificial life support. You and your spouse should also designate a power of attorney—someone authorized to manage your affairs, typically financial ones, if you’re not able to handle them yourself.
7. Meet with an insurance professional. Many people don’t know that you can sit down with an insurance agents and talk through your needs at no charge—and no obligation. If this all sounds overwhelming, why not reach out for professional advice?
Insurance can be a complicated purchase. You’re not buying bread or milk. You’re buying a promise of protection that could potentially make or break your financial well-being. How do you know that you’re making the right choices about coverage? Are you sure you’re getting the best possible value for your dollar? The options can seem bewildering.
1) They give you a choice – Independent agents represent many different insurance companies that offer a wide variety of coverage options and price points. Most on average sell for five to eight different insurance companies. There’s no need for you to accept one quote from one company, and there’s no need for you to spend time filling out many different online applications to get your own quote comparisons. With their connections and their knowledge of the market, agents can often find a better value for your insurance dollar than you might find searching on your own. Agents do the shopping. You do the saving. They find you the right blend of price, coverage, and service.
2) They are licensed experts – Independents can explain the complexities of insurance in simple terms, helping you make smart decisions. They make a career out of assessing their customers’ insurance needs and matching them with the insurance carrier best equipped to meet those needs at a price the customer can afford. Think about it. While you might research wording for wills on the Internet, you’ll likely go to an attorney to ensure that the document is drawn up correctly. Why wouldn’t you seek the advice of a licensed insurance professional to be certain that your home, your auto, or your business is properly protected?
3)They are personal advisers – Agents not only find you competitive pricing, they make sure you are adequately covered. Working with you face-to-face, your agent becomes your personal adviser, taking the time to listen to you and understand your individual needs. They know it’s not just about finding a price you can afford; it’s also about making certain you are appropriately covered so that you don’t end up insurance-poor if you do suffer a loss.
4) They are your advocate – If you have a billing or claim concern, or need to change your coverage, your agent can be your advocate, working with the insurance company on your behalf.
5) They are right around the corner – Independent agents are your neighbors…they share your interest in the community where your live, and understand the benefits and challenges of living in your locale. They are often highly involved in the community, sponsoring youth sports teams, buying from your local businesses, supporting school organizations, and voicing opinions at the monthly Chamber of Commerce meeting. They are right around the corner, ready to help.
6) They offer one-stop shopping – Independent agents can often meet all of your insurance needs with the companies they represent, providing auto, home, renter’s, and business coverage. Many offer life and health insurance as well.
7)They are consultants for a lifetime – Independent agents periodically review your coverage. They are there to help you through all the changes in your life, whether you’re going from renting an apartment to buying a home, starting a business, getting married, renovating your home, adding a teen driver to your auto policy, or looking to cover that retirement condo.
We worry about our family’s health, safety, financial security and future. But more families need to put their money where their heart is by buying term life insurance. (This is the most affordable type when initially purchased and provides protection for a specific period of time or the “term”.) However, the issue isn’t a matter of hypocrisy, but a lack of research and financial literacy. According to a Life Happens and LIMRA study from this year, 65% of households have not purchased life insurance because they think it’s too costly.
To show that this is a common misconception, the study asked Americans to estimate the cost of a 20-year, $250,000 level term life insurance policy for a healthy 30-year-old male. Eight in 10 people overestimated the cost, saying it would be $400 a year, which is more than double its actual cost of about $160 a year or about $13 a month. Astonishingly, one in four thought it would cost more than $1,000 a year.
And just know that unless you have serious health issues, pre-existing conditions or high-risk hobbies that would likely necessitate high-risk insurance, getting affordable coverage is really straightforward.
How Much Is Life Insurance?
To put the true cost of term life insurance in perspective, here are 10 products or services that people regularly spend money on that cost more than a term life insurance premium would for a healthy 30-year-old at $13 a month.
Ultimately, the peace of mind and pride of securing your family’s financial future will outweigh any temporary pleasure from a materialistic purchase.
How to Take a Life Insurance Medical Exam
If you want to obtain the most affordable type of life insurance, be prepared to take a medical exam. Before you are issued a policy, life insurance companies must first determine if you are prone to illnesses, such as diabetes, heart disease, stroke, cancer, etc.
A paramedical company working with your carrier will send out a certified medical professional (a paramed) to conduct the medical tests and send the results to the company’s underwriter. The underwriter will then evaluate the results and determine if it is in their best financial interest to insure you. That risk assessment determines your life insurance rates. The greater risk you pose, the higher your premiums, until the company decides it can’t cover you at all.
The following will give you a solid idea of how you should prepare when you have to take a life insurance medical exam. Otherwise, you may want to start considering a no medical exam policy.
What to Expect
As a part of your health exam, the paramed will measure your height and weight, take your blood pressure, and collect blood and urine samples. Afterwards, the paramed will confirm the answers you provided on the health questionnaire you filled out as part of the life insurance application.
The paramed will measure your height and weight, take your blood pressure, and collect blood and urine samples.
Some insurance companies require an EKG to test your heart, especially if you are 50 or older. Most insurance companies will also conduct a prostate specific antigen (PSA) test on male applicants over 50.
Finally, if you are a smoker or tobacco user, be honest and admit it because companies test for cotinine in your system, a chemical that will indicate you consume tobacco. Medical exams even test for drug abuse, such as marijuana and cocaine.
Steps for taking an exam
Schedule the exam for the early morning. Because you should fast for six to eight hours before an exam, a morning medical exam will make that task much less stressful. Even a piece of fruit before the exam can read as high glucose levels. Anything you consume beforehand can affect your blood tests and drop you from a preferred health class.
Skip your morning coffee and cigarette. Caffeine and nicotine elevate blood pressure, so avoid your morning coffee and any tobacco products. This may be difficult for some, but trust me, it’s worth the thousands of dollars in potential savings over the course of your policy’s term.
Drink plenty of water. Staying hydrated will make it faster and easier to give blood. Drinking water will also make it possible to give a urine sample.
Don’t eat salty or fatty foods. Cholesterol and blood pressure test results can be affected. For best results, avoid salt and excess fatty foods for five to seven days before your exam; however, 24 hours is the minimum recommended timeframe.
Avoid excessive exercise. Conserve energy for 24 hours before your exam. Stay away from the gym and avoid strenuous cardio. Exercise can raise your blood pressure and pulse.
Avoid alcohol and drugs. Refrain from drinking alcohol and taking drugs, including tobacco and marijuana. Alcohol can leave you dehydrated, which not only makes it hard to draw your blood, but can also cause increased liver function.
Get plenty of sleep the night before. While one good night’s worth of sleep won’t get you a clean bill of health, sleep does offset anxiety and fear. When you are well-rested, your blood pressure will be lower, leading to better test results.
Have a list of any medications you are currently taking. Your examiner will ask about your medical history, including the use of prescription drugs and over-the-counter medications.
Don’t schedule an exam during a menstrual period. Women should not take a life insurance medical exam during their menstrual period, or if they have any kind of vaginal discharge, as it can contaminate the urinalysis.
Let the examiner know if you have an aversion to needles or medical tests. There is no need to subject yourself to high levels of anxiety for this exam. If you are anxious, your blood pressure test results will indicate health issues. Talk to your examiner and explain your concerns. They may note your fear or phobia in the case file for consideration by the insurance company and underwriter.
If you follow these steps for your life insurance medical exam, you will feel calm and prepared, and able to achieve the best results, increasing your chances of obtaining cheap rates.
On the off-hand that you are denied coverage, don’t give up. You can choose to improve your health with a balanced diet, regular exercise and better control of any medical issues (i.e. diabetes) or decide to re-apply for a guaranteed issue life policy.
While more expensive, guaranteed life insurance is a type of coverage without a medical exam. Due to its high premiums and limited death benefit amounts, it should be a last resort. Your first and best option will most likely be traditional term life insurance.
The point is, don’t ever feel hopeless. There is always a life insurance policy available to secure your family’s financial future.
Paying for long-term care can have a major financial impact on families. It’s a big reason why each year more than 65 million Americans provide long-term care to an adult family member. Yet the costs to those family caregivers are still steep.
A recent study found that nearly half of family caregivers spend more than $5,000 a year on out-of-pocket caregiving expenses, and about a third spend more than $10,000. If a loved one requires care in an assisted living or nursing facility, those costs can skyrocket and quickly erase a lifetime of savings.
The true cost of long-term care, however, goes far beyond just the dollars and cents of out-of-pocket costs. The indirect costs can have a drastic impact on a caregiver’s physical and emotional health, career and even their family relationships. This is something I learned firsthand in my experience as a caregiver.
Many caregivers say that you don’t plan on being a caregiver—it often happens to you.
Many caregivers say that you don’t plan on being a caregiver—it often happens to you. That’s how I found myself caring for my mother. We didn’t have a plan in place, and since I was the only one of my siblings still living in the same state, I became her caregiver.
A delicate balance of priorities
The next seven years required a delicate balance of responsibilities, as I continued to work full-time and my husband and I raised our three teenage children. Inevitably priorities changed and sacrifices had to be made to provide my mom with the care that she needed, which impacted all areas of our lives. While I thankfully had a strong support system to help get me through it all, my experience convinced me that long-term care insurance was the right solution for my family so that my children don’t have to go through a similar situation.
But my story is not unique. As many who have cared for a loved one can tell you, this is a common experience for family caregivers. Unfortunately, most families only explore long-term care options when care is needed, which magnifies the impacts of caregiving. Consider that for working caregivers:
• 60% say their duties have had a negative impact on their jobs
• 68% make work accommodations
• 64% arrive late, left early and/or took time off in the middle of the day
• 17% took a leave of absence
• 9% reduced hours or took a less demanding job
• 5% turn down a promotion
• Those who leave the workforce to provide care lose an average of more than $300,000 in income and benefits.
The ripple effect of caregiving can also quickly reach other areas of a caregiver’s life, including health and family relationships. When you’re so focused on caring for a loved one, it’s easy to forget to care for yourself. Sometimes there just may not be enough time in the day, so it’s easy to understand why about one in five family caregivers believes their health has gotten worse as a result of their responsibilities.
Additionally, between 40% and 70% of family caregivers of older adults have significant symptoms of depression. Other common health problems of family caregivers include increased anxiety, heart disease, hypertension, sleep problems and fatigue.
Between 40% and 70% of family caregivers of older adults have significant symptoms of depression.
It changes the family dynamic
When you’re caring for a parent, having less time for yourself also means there is less time for your family. Caregiving changes family dynamics, which can strain your relationship with your spouse and children. It can also create stress and conflict with siblings when it comes to topics like financial support and sharing the caregiving responsibilities.
Planning ahead with solutions like long-term care insurance can lessen the impact by protecting a family’s finances, providing choices for where care is received, supplementing family caregiving, and helping a family to maintain their lifestyles and careers. It can also provide one with peace of mind knowing their care needs will be met without requiring difficult decisions or unthinkable sacrifices from their family.
Long Term Care Insurance Quote
Take the first steps in learning about long-term care planning and find out how solutions like long-term care insurance can protect both you and your family.