A twenty-year policy felt right for Linda, but you’ll have to decide the term that’s right for you. Term insurance is available in all different term lengths, from yearly renewable term, where every year your premium will go up, to level term for longer terms—five, seven, ten, fifteen, and so on—where the premium is fixed for the term. The longest-level term I know of is a twenty-year level, which is not available in all states. (See “Long-Term-Care Insurance,” opposite, for information about how to choose an insurance company and agencies to call for the best rates.) Insurance companies are always coming up with new concepts, so scan the papers for offers that sound promising.
Linda thought we had finished discussing insurance, but
asked her one more thing. What if she ever had to go into a nursing home? She was so concerned about leaving money to her children. Did she know how fast nursing home costs would eat away at her assets?
SHORT-TERM? LONG-TERM?
Leave a Comment