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Wednesday 19 August 2026 02:19:29 GMT
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Your old life insurance policy might be the answer to covering long-term care costs 💡 Many people bought permanent life insurance years ago when the kids were young and the mortgage was high. But once those needs are gone, the policy often just sits there. Here's what most don't realize: you can convert it into long-term care coverage using a tax-free exchange. This lets you transfer the cash value from your existing policy directly into qualified long-term care coverage without paying taxes. In many cases, you can skip new medical underwriting too—you're simply redirecting dollars you're already spending. With nursing home costs now averaging over $127,000 per year for a private room, having long-term care protection has become essential. Instead of surrendering your old policy for cash and paying taxes on it, you're building a safety net for future care expenses. Follow @RetireSmartTony for more retirement planning strategies. Slalom Wealth Management is a registered investment adviser. This platform is solely for informational purposes and is not offering advisory services or sales of securities. Investing involves risk and possible loss of principal capital. Comments by viewers and/or recognitions are no guarantee of future investment outcomes and do not ensure that a viewer will experience a higher level of performance or results. Public comments posted on this site are not selected, amended, deleted, or sorted in any way. If applicable, certain editing of personal identifiable information and misinformation may be deleted. Slalom Wealth Management is a registered investment adviser serving families that are preparing for retirement or have recently retired. #moneytok #RetirementPlanning #LongTermCare #FinancialPlanning #Insurance
Your old life insurance policy might be the answer to covering long-term care costs 💡 Many people bought permanent life insurance years ago when the kids were young and the mortgage was high. But once those needs are gone, the policy often just sits there. Here's what most don't realize: you can convert it into long-term care coverage using a tax-free exchange. This lets you transfer the cash value from your existing policy directly into qualified long-term care coverage without paying taxes. In many cases, you can skip new medical underwriting too—you're simply redirecting dollars you're already spending. With nursing home costs now averaging over $127,000 per year for a private room, having long-term care protection has become essential. Instead of surrendering your old policy for cash and paying taxes on it, you're building a safety net for future care expenses. Follow @RetireSmartTony for more retirement planning strategies. Slalom Wealth Management is a registered investment adviser. This platform is solely for informational purposes and is not offering advisory services or sales of securities. Investing involves risk and possible loss of principal capital. Comments by viewers and/or recognitions are no guarantee of future investment outcomes and do not ensure that a viewer will experience a higher level of performance or results. Public comments posted on this site are not selected, amended, deleted, or sorted in any way. If applicable, certain editing of personal identifiable information and misinformation may be deleted. Slalom Wealth Management is a registered investment adviser serving families that are preparing for retirement or have recently retired. #moneytok #RetirementPlanning #LongTermCare #FinancialPlanning #Insurance

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