Gary Scofield discusses the importance of life insurance for financial protection.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-gary-scofield-founder-mansfield-financial-strategies-discussing-life-insurance/
Long-term care policies offer a valuable feature known as accelerated death benefits. This feature allows policyholders to access the money they have paid in premiums before their death if they require long-term care or assisted living. However, if the policyholder does not end up needing these services, the money paid in premiums is essentially lost, similar to how automobile insurance or homeowner’s insurance works. It is important to note that this feature is different from traditional life insurance policies, where the benefit is only received by the heirs after the policyholder’s death. Permanent life insurance policies also provide the option of building cash value and equity, which can be utilized for various purposes. Overall, the accelerated death benefits feature adds flexibility and value to long-term care policies.