Trading Premiums
Kiplinger's Personal Finance (05/03) ; Franklin, Mary Beth

Families with grown children may need to change their life insurance to offset the possible costs of long-term care (LTC), especially since income replacement is not such an issue. Medicare, medigap policies, and private health insurance cannot offer much help with LTC costs, so planning is a good idea. Possibilities include dropping life insurance completely, reducing coverage, or borrowing against the life policy's cash value to purchase LTC; dropping individual disability insurance is also an option, this article says. Many people consider LTC a part of retirement planning, and buying it early means lower premiums.

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