Why Life Insurance
Life insurance coverage is a reliable way to ensure families are financially prepared and protected in the event a family member passes away. The death benefit is generally not subject to federal income taxes.
Why Long-Term Care
Long-term care (LTC) is a specific insurance that covers long-term services and support, including help with activities of daily living, home care, respite care, hospice care, or adult day care. This care may be given in your own home, an adult day care facility, assisted living facility, nursing home, or hospice facility.
Long-term care can be incredibly expensive. In 2018, the national average cost of nursing home care was about $89,297 per year (for a semi-private room), according to the National Association of Insurance Commissioners. These costs are expected to continue rising. Long-term care costs in Pennsylvania in 2025 are high, with a nursing home private room averaging over $146,000 annually and an assisted living monthly cost around $5,550, according to Genworth’s 2024 Cost of Care Survey and Paying for Senior Care.
Long-term care insurance can be used to cover the long-term care expenses, thus to reduce the need for family members to take on extensive caregiving roles, and to preserve your wealth for future generations.