Phil Cannella sheds light on another option for those in need of long-term care and that is a life insurance policy. Some life insurance policies are structured with what is known as an ADB, Accelerated Death Benefit. Phil Cannella quotes Investopedia in explaining what an ADB means.
“A benefit that can be attached to a life insurance policy that enables the policy holder to receive cash advances against the death benefit in the case of being diagnosed with a terminal illness. Many individuals who choose the accelerated death benefit have less than one year to live and use the money for treatments and other costs needed to stay alive.”
Phil Cannella explains that there are different types of ADBs, each of which serves a different purpose. Depending on the type of policy you have, you may be able to receive a cash advance on your life insurance policy’s death benefit if:
• You are terminally ill;
• You have a life-threatening diagnosis, such as AIDS;
• You need long-term care services for an extended amount of time;
• You are permanently confined to a nursing home and incapable of performing Activities of Daily Living (ADL), such as bathing or dressing.
The point Phil Cannella makes is that a true insurance professional knows that there are different ways to get coverage for long term care needs and you as the consumer need to work with someone who understands the nuances of the regulations and the different types of plans available for consumers. Crash Proof Retirement can help you get educated on all of your retirement needs.
Thousands of people have been helped by Phil Cannella and through his words of recommendation with regard to their financial future or the long-term care protection he has offered. It goes without saying that such care is based on a real understanding of those life events that most critically impact a retiree’s life and the need to have a plan to take care of these types of events.