How do I…

Ensure I Have Protection For The Care I May Need?

No one plans on falling ill. When it comes to protecting your retirement savings from the cost of care in your golden years, you want flexibility, not restrictions. How confident are you that you can cover a chronic, unexpected illness?

No one plans on falling ill. When it comes to protecting your retirement savings from the cost of care in your golden years, you want flexibility, not restrictions. How confident are you that you can cover a chronic, unexpected illness?

Part of living well is planning ahead

No one can tell what the future may hold. But if you become ill and need care, the plans you make today can free up a world of possibilities tomorrow. A smart financial plan that offers flexibility for an uncertain future can help you pay for care if you need it. Learn more about your options and how Pacific Life Insurance Company can help. 

Why may I need professional care services in retirement?

It doesn’t have to be old age. It could be an accident or illness. If you are certified as chronically ill—unable to perform at least two of the six activities of daily living1—or develop a cognitive impairment that’s serious enough to warrant supervision, you're likely to need medical and non-medical care. These services can range from food preparation to full-time nursing home care. The costs and conditions vary greatly depending on where you live and what type of care you need.

1The six activities of daily living are: bathing, continence, dressing, eating, toileting, and tranferring.

Will my savings be enough to meet the costs I may face?

Without proper planning, if you need care late in life you may quickly burn through your retirement savings paying for it. In addition to death benefit protection, certain life insurance products also offer riders that offer financial benefits if you became chronically ill and needed care. Talk to your financial professional to learn what options are available to you.

If I need care, what options are available to help me pay for it?

You may be surprised to learn that government programs, like Medicare and Medicaid, are not likely to cover the full costs of care you may need. Medicare only helps pay for medically necessary health care services and may not provide support for other services you need. Medicaid is only available to specific low‐income individuals and families that meet certain eligibility requirements.

Health insurance covers skilled acute care, but like Medicare, may not cover other services you may need. Disability insurance is intended to help replace some of the working person’s income when a disability prevents them from working; it is not designed to cover medical expenses. Traditional long-term care insurance may be a good alternative or supplement to other plans, but the money spent on premiums may be lost if you never need long-term care services.

With so many options, or perhaps just because it’s an uncomfortable topic, many people end up using their retirement assets to pay for these expenses, which is equivalent to self-insuring. The risk of self-insuring is that if you need care later in life, the high costs of care could quickly deplete your retirement assets when you can least afford it.

If you should fall chronically ill, certain riders available with many of today’s life insurance products allow you to access your death benefit as a living benefit and you may use these funds for any reason—medical or non-medical.

How do I find and coordinate the care I need?

Managing your care can be as difficult a challenge as saving enough to pay for it. But there is help in sight. Professional care coordination services can provide licensed health care practitioners to guide you and your loved ones through each step of the claims process, from understanding your options to helping certify your condition to helping you identify and coordinate the care you need. Such a service can make a huge difference in the kind of concierge care you receive.

Have more questions? Contact a Financial Professional to learn more.

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Plan now, so you’re ready later

For you, family is one of the most important things in your life. You take care of them. They take care of you. Make sure that they’ll always be taken care of, no matter what happens.

LEARN MORE

Retirement income

Being happily retired looks different for everybody. Maybe you want steady retirement income that lasts or supplemental income to help you meet the unexpected in life.

LEARN MORE

Protect and grow my business

You want your business to maintain its competitive edge. Attracting talent and building a succession plan for the future means you can ensure your business stays in stable hands.

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Find a Financial Professional

You want to reach your goals. A financial professional can help you get there.

You may be contacted by a life insurance producer as a result of your inquiry.

In order to sell life insurance a financial professional must be a properly licensed and appointed life insurance producer.

Riders will incur additional charges, are subject to availability, restrictions, and limitations. Clients should be shown policy illustrations with and without riders to help show the rider's impact on the policy values.

Riders with long-term care benefits are subject to underwriting and approval of the application and may include obtaining records from a physician. No medical exam is required, but a Medical Information Bureau (MIB) and prescription report will be ordered and a Personal History Interview and Cognitive Assessment will be performed via telephone as part of the underwriting process.

This material cannot be used in the following states: NY.

Pacific Life Insurance Company is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and features may vary by state. Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker‐dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims‐paying ability of the life insurance company.

Pacific Life Insurance Company's Home Office is located in Newport Beach, CA.

This is a life insurance with long-term care benefits sales solicitation.

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