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Insurance helps us to overcome financial liabilities for which we are not prepared. A sole breadwinner in the family who does not have enough savings would need to get an insurance cover so that his or her family doesn’t have to run around to maintain their living in case of his unfortunate early demise.
Most insurance companies offer term insurance which covers the Risk of unfortunate demise of the Insured up to a certain point in time. The extent of Risk Cover and the Term of cover can be chosen by the insured as per his needs. However, there is a limitation to such policies as these policies offer protection only in the case of demise of the insured, while the needs extend beyond.
In real life, the need for an insurance cover extends beyond such situations like death. We have often seen elderly people around us suffering from prolonged illnesses which require expensive medical support on an ongoing basis. Patients who suffer from a stroke or say Alzheimer disease need proper care and medical support on a daily basis. For most people it may be simply impossible to meet these expenses out of their savings. Relying on a close relative even may not be a wise thing as it may be out of their reach to provide the kind of care required in such situations.
So, it makes immense sense to own a long term care insurance which will pay for such liabilities. You can be Assured that if you ever get into such an unfortunate situation you need not feel constrained for right kind of medical support that the situation would demand.
Long term care insurance policies which offer cover for such situations are quite prevalent in the US. There is enough demand in India as well but it seems insurance companies are shying away from introducing such long term care policies either because they are not sure of the right premiums they should charge or they envision great difficulties in managing the claims process in such situations.
Whatever the reason may be, there is a need in the market and I am sure general insurance players will catch up with this need and introduce an appropriate policy.
Till that time it is recommended that individuals should plan for such long term care as part of their retirement. While estimating the retirement funding requirements people should also visualize medical expenses that could arise and make provisions for the same. Depositing enough money annually and starting early while planning for retirement could help you generate a corpus that is big enough to deal with such eventualities effectively.