BRIDGEPORT, W.Va. (WDTV) -- Question: "I am considering purchasing a life insurance plan with a long-term care rider. Is this a viable option for long-term care?"
Answer: (John Halterman, Beacon Wealth Management) "I understand your concerns because today a lot of people are going to nursing homes, and it's a big concern of losing your assets. So definitely you have to consider things to do to in order to protect yourself.
"One of the most common ways that people used to do it is purchase a long-term care insurance policy. The long-term insurance policy typically paid you out a monthly benefit, and that monthly benefit helped you pay for your long-term care needs.
"The challenge though is that if you don't go into a nursing home, unfortunately, you may have wasted that money. So recently they've come out with other options of paying for it, and their combining long-term care and life insurance.
"It's actually a good thing because in this case, you know one way or the other you're going to definitely use the insurance. If you end up using it for long term care it becomes a benefit that you use before death. And in the other case, if you don't use it for long term care and you end up passing away, you get to use it as a death proceeds.