Ramsey Everyday Millionaires Should We Cash Out Our Whole Life Policy?
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Mar 26, 2025 Explore the intriguing world of whole life insurance as a listener questions whether to cash in their policy for long-term care. The discussions reveal critical insights on evaluating personal finances and shopping for the best care options. Delve into self-insurance strategies, particularly for those over 60, emphasizing how significant wealth can allow for tailored home care solutions. Understanding healthcare costs as one ages is also highlighted, ensuring listeners are well-prepared for their futures.
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Life Insurance and Long-Term Care
- Cash in whole life insurance if you have enough life insurance.
- Consider long-term care insurance, shopping around for the best deal.
Shopping for Long-Term Care Insurance
- Shop long-term care insurance among several companies for the best deal.
- Avoid single-company advisors; seek broader options.
Long-Term Care Coverage Duration
- Three years of long-term care coverage often suffices, as the average stay is around 2.8 years.
- Nursing home costs can significantly deplete assets, impacting the surviving spouse.