Last year I took out a life insurance policy on myself so that if something happens to me my mother would have a decent amount of money to live on and not have to worry. She can’t work because of medical conditions and only receives SSI. Whenever she gets to the point that I can no longer care for her, the options won’t be very good for where she can go and what kind of care she can receive. I was wondering if there is such a thing as a long-term care policy (kind of like life insurance) that I can purchase on her behalf.
Thanks!
Yes, there are long term care policies available. They can be tailored to fit your budget. However, if she has medical conditions it may be difficult to find a policy for her or, if she does find a policy, the premium may be very high.
You’ll need to visit with a local agent that works with multiple companies. The agent can get your mom’s health details from you and will be able to find if any company will accept her and at what cost. There is no extra charge using an agent.
In ur case u may go with policy of max new york life (Smart Assure) in this policy ur life is insured and nominee is ur mother .If some thing is happen to u than benifisher is ur mother she will get good amount that will be reinvest in such a way that ur mother will get amount like pension for whole life
Yes, nursing home insurance, or long term care coverage, is available.
Your local agent should be able to help you out with it. You can find one at http://www.iiaa.org