Business insurance or long term care insurance?

Discussion in 'Growing and Managing a Business' started by arachnophobian, Oct 26, 2013.

  1. arachnophobian

    arachnophobian
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    I am currently torn between business insurance or long term care insurance. I am 41 and my business was recently launched last month. Business insurance seems like a reasonable choice that I've been mooning over since before I started the business. Last month also, I had a cousin who was diagnosed to have a mild dementia. His wife had to send him to hospice care.

    I know that dementia is not infectious like cold or HIV, but I also happen to know that a person with dementia is enough to make an entire clan susceptible to it. He also had sundowner's syndrome before it all happened.
    Any thoughts?
     
    #1 arachnophobian, Oct 26, 2013
    Last edited by a moderator: May 27, 2014
  2. bethw

    bethw
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    Both are important from their respective point of view. It is important to understand that long-term care insurance is part of comprehensive strategy that helps with the preservation of retirement income, asset protection, and wealth transfer. On the other hand, business insurance is something to consider when you start any business because any type of business may need the protection that insurance provides from time to time.
     
  3. Fergal

    Fergal
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    What kind of risks do you want your business insurance to cover arachnophobian?

    Does it really have to be an either or choice, is it not possible to find another option that would allow you to have both types of insurance? Perhaps you can find an insurance company who can do you a particular good deal for a complete package that would provide you with cover for both business and long term care. Perhaps there is another area where you could save money that could be spent on insurance?

    What country are you based in?
     

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