Thanks to medical advances and better lifestyle choices, Americans are living longer. The benefit of our enhanced longevity is that we will have more time to spend with the people we love and to participate in the activities we enjoy.
However, the downside is as we age, we are more likely to be impacted by a chronic illness. Studies show that 7 in 10 Americans over age 65 will develop a chronic illness1 – such as Alzheimer’s disease, stroke, crippling arthritis, Parkinson’s disease, serious accidents, and degenerative neurologic diseases, according to Dr. Robert (Bob) Pokorski, Prudential’s vice president and medical director.
Therefore, he believes that it is very important that you plan accordingly. He also suggests that you follow his prescription for successful aging.
Dr. Bob’s AgeLess Prescription
While there is no way to prevent the onset of a terminal or a chronic illness, there are things you can do that could help you to stay healthier longer. Dr. Bob has arranged these recommendations into an acronym he calls his AgeLess prescription:
• A is for Attitude. Be optimistic, meet aging head on, on your terms • G stands for Good medical care • E is for Exercise. 30 minutes a day, 5 days a week • L is for Learn, lifelong learning for whatever interests you • E is for Eat right • S is for Sleep. Be sure to get enough sleep • S is for Socialization; stay socially engaged as you get older
Follow this link to Dr. Bob’s video to learn more about his common sense suggestions.
The Realities of Chronic Illness
If you are afflicted with a chronic illness, it is likely that you will need assistance performing some or all activities of daily living, such as bathing, continence, dressing, eating, toileting, and transferring.
Often, care for a chronically ill person is provided at home and the primary caregiver is usually a spouse, adult child, or other family member. As a result, a chronic illness can have a significant emotional and financial impact on you and your loved ones.
If you have a need for death benefit protection and are also concerned about chronic or terminal illness, life insurance could help to address these needs. The primary role for life insurance is to provide financial protection for your loved ones if you were to die unexpectedly. The death benefit that life insurance provides could help your family replace your income, maintain their lifestyle or continue pursuing their dreams even if you are not there to share in their achievements.
However, some life insurance policies offer an optional rider that allows you to accelerate your death benefit to receive income if you become chronically or terminally ill. Riders like this are often subject to terms and conditions and come with an added cost. Such riders usually allow you to use the proceeds to pay for medical or non-medical expenses. For example, you could hire a visiting nurse, pay a family member for providing care, or reimburse them for taking time off from work. The proceeds could also be used for home renovations or to purchase groceries. You get to decide how to use the income to best meet your needs. It is important that you review the terms and conditions of the particular rider.
Your Financial Professional Can Help
If you want to learn more about our wide range of life insurance products, talk to your financial professional. He or she can also show you how life insurance can be used to provide death benefit protection and help protect you and your loved ones from the financial impact of a chronic or terminal illness.
1 U.S. Department of Health and Human Service: National Clearinghouse for Long Term Care Information, 2012.
Life insurance is issued by The Prudential Insurance Company of America, Pruco Life Insurance Company (except in NY and/or NJ) and Pruco Life Insurance Company of New Jersey (in NY and/or NJ). Each is a Prudential Financial company located in Newark, NJ. Each is solely responsible for its own financial condition and contractual obligations. Policies contain exclusions, limitations, reductions in benefits, and terms for keeping them in force. A financial professional can provide you with costs and complete details. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company [and do not apply to the underlying investment options]. Policy guarantees and benefits are not backed by the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.
Pruco Life Insurance Company, an Arizona company - California COA # 3637. The Prudential Insurance Company of America - California COA # 1179.
Prudential Financial, its affiliates, and their financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.