In the intricate world of Estate Planning and probate, insurance plays a pivotal role, and the question of insurance becomes crucial when individuals do not have adequate coverage. In this enlightening episode, we sit down with Dina Mabry, an expert insurance broker, to unravel the complexities of long-term care insurance. In this article, we delve into the details of our conversation, shedding light on the nuances of long-term care insurance and its importance in Estate Planning.
1. What is Long-Term Care Insurance?
Long-term care insurance, as explained by Dina Mabry, comes into play when individuals are unable to perform daily activities independently. These activities, termed as Activities of Daily Living (ADLs), include bathing, dressing, toileting, transferring, eating, or maintaining continence. Long-term care insurance acts as a safety net, ensuring individuals receive the necessary care without burdening their families or spending their own assets. A Long term care policy can protect your portfolio from being depleted.
2. Benefits and Adaptability of Long-Term Care Insurance
One notable feature of long-term care insurance is its adaptability. Policyholders pay premiums over a specific period (usually 10 to 20 years), accumulating a fund that grows at a compounded rate of 3% annually. As individuals age, this fund becomes a substantial resource, ensuring they have adequate financial support for their care needs. Moreover, all long-term care benefits are tax-free, providing a unique financial advantage.
3. Duration and Flexibility
Long-term care insurance policies vary, offering different benefit durations. Some policies provide unlimited benefit years, allowing individuals to stay on claim for as long as necessary. The flexibility lies in the policyholder’s ability to tailor the coverage according to their specific needs, ensuring they receive support for an extended period if required.
4. Integrating Long-Term Care Insurance into Estate Planning
Dina Mabry emphasizes the integration of long-term care insurance into comprehensive estate planning. For families with young children, term life insurance offers an affordable and substantial coverage. As individuals grow older, considering a combination of universal life insurance with a long-term care rider provides a robust solution. This approach ensures financial protection during one’s lifetime while preserving assets for the next generation.
5. Navigating the Claims Process
When it comes to utilizing long-term care insurance, Dina advises policyholders to initiate the process by contacting the insurance carrier. The carrier assigns a care coordinator to guide individuals through the claims process. This personalized approach allows policyholders to choose their service providers, granting them the freedom to make their care-related decisions.
6. The Power of Kindness and Grit
In a candid moment, Dina shares her perspective on life’s qualities that foster success. She emphasizes the importance of kindness and grit, two traits that have guided her both personally and professionally. Dina’s journey from a pharmaceutical representative to an insurance broker is a testament to her determination and resilience.
Conclusion
Long-term care insurance stands as a crucial component of Estate Planning, providing individuals with the assurance that their care needs will be met, without imposing a burden on their loved ones. Dina Mabry’s expertise illuminates the complexities of this insurance, offering valuable insights for those seeking to secure their future. As kindness and grit continue to shape her path, Dina serves as an inspiring example in the realm of insurance and Estate Planning.
🗣️Notable Quotes:
“It’s important to look at which carrier will give the best rating because that affects the premium. Nobody wants to pay more for life insurance than they have to.”
Watch The Full Interview Now:
Connecting with Dina:
LinkedIn: https://www.linkedin.com/in/dina-mabry-46666b8/
Website: https://www.bgapremierinsurance.com/
DISCLAIMER: The Probate Realtor® Matias Baker Masucci is a licensed real estate broker in California DRE # 02054763. Any legal information provided is for informational purposes only and NOT for the purpose of providing legal advice. Contact an attorney to obtain advice with respect to any particular legal issue or problem. We make no guarantees as to the accuracy of any information.
