While socking a higher portion of your income in your 50s may help build up a dream retirement fund, it is important to keep up with insurance payments in order to prepare for the unexpected. Such plans as life insurance and long-term care insurance can ensure a person’s spouse or children aren’t financially devastated in case of unfortunate events.
Since life insurance is relatively affordable, Middleton says he has not noticed many people going without it. However, he is concerned many are forgoing long-term care insurance due to its high cost. Middleton says not having long-term care insurance can “completely destroy an estate” if a spouse happens to need that level of care in the future.
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