A Hybrid Long-Term Care Policy –
This is a life insurance policy that lets you use the death benefits for long-term care during life and pays out the remainder to theirs at death. One would have to pay a premium of about $154,000 upfront from a combination of saving and borrowing from retirement accounts. A premium of $2,500 annually. A $120,000 would be covered in LTC payments and $330,000 death benefit.
Pro: There is a values in these benefits even if you don’t use them for care.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel United Methodist Church (UMC) in Montross, VA. Rev. Dr. Taylor promotes best practices by teaching financial literacy workshops and currently serves as Finance Chair in the Rappahannock River District for the UMC. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.