No one likes to think about lost earnings or premature death, but the reality is that it’s important to plan ahead to minimize financial risk. The good news is that you can use life insurance for long-term planning to protect your assets when you or your spouse are not able to make a living. In order to ensure that you will have the right coverage in place, it’s best to explore the various options that are available.

At Doeren Mayhew Insurance, we specialize in customizing insurance policies that fit your specific needs ahead of unforeseen circumstances. From using life insurance annuities for long-term planning to adding a long-term care rider to your life insurance policy, our array of insurance solutions deliver peace of mind to you and your family. Here, we take a look at how you can use life insurance to secure long-term financial health no matter what comes your way.

Return on Premium Insurance Policy

This type of life insurance offers financial protection for you and your family even if you outlive your initial term coverage. Typically, a return on premium insurance policy is paid throughout the 20- or 30-year period which builds cash value. If all scheduled payments have been made and the death benefit has not been paid out, these premiums will be returned to the insured, which can then be used for any number of essential long-term planning expenses.

Long-Term Care (LTC) Rider

When a major life event makes it necessary for you or your loved one to rely upon costly long-term care services, it’s often necessary to rely on insurance benefits to help. LTC riders can be added onto a qualifying insurance policy to minimize financial strife because it accelerates the death benefits of the life insurance policy and tends to be less expensive than standalone long-term care policies.

Life Insurance Annuities

The insurance company sends these annuities — or regular payments — over a defined time frame in exchange for a single premium payment. Annuity contracts offer both immediate and deferred benefits. Your unique needs as well as age, gender, and health status may determine which option is right for you. Talk to your trusted insurance broker about how these types of annuities may affect your taxes and long-term planning needs.

At Doeren Mayhew Insurance, we understand how to navigate the complexities of long-term planning with a uniquely personalized and strategic approach. Our comprehensive insurance offerings provide much-needed protection in the face of the unexpected. Contact us to discuss your specific needs with a Doeren Mayhew insurance agent for long-term peace of mind today.