We offer long-term care rider insurance that can be attached to a whole or universal life insurance policy, allowing you flexibility in how you would like to use the benefits. With long-term care costs skyrocketing, this life insurance rider is a prudent choice.
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With long-term care rider insurance, you are in control of your money. After a licensed health professional certifies your eligibility for long-term care benefits, you can choose to take monthly distributions of your policy's death benefit at 2%, 4%, or 8%. At the time the benefits are activated, you are no longer required to make premium payments, though you can if you wish. Furthermore, you are guaranteed to earn a residual death benefit.
With costs like these, which are only estimated to increase, it is more important now than ever to ensure that you have a financial plan to cover the potential future costs of healthcare. That's where a long-term rider can help. This rider can be attached to a whole life or universal life policy to provide financial protection to you and your family from the costs of senior healthcare.
Long-term care rider insurance can be purchased at any age, but it is recommended for individuals between 40 and 65. The younger you purchase long-term care rider insurance, the less expensive it generally is. Furthermore, with less stringent underwriting than traditional long-term care, it's more accessible.
Long-term care rider insurance is significantly less expensive than a traditional long-term care policy, which makes it a great option for just about anyone. And, if the benefits aren't used for long-term care, the death benefit still gets paid out upon the insured's death. Traditional long-term care doesn't offer this. This flexibility is an attractive option for many.
Additionally, a lesser-known expense long-term care can be used to cover is rehab expenses for serious injuries and accidents at any age. A common example would be a stroke victim learning how to walk again. Typically, these costs can be just as expensive as a nursing home or assisted living facility.
James has lived a full life, but has no plans of stopping now. He is in his mid-70s and enjoys an active lifestyle with family and friends. His main concern in life as he ages is the cost of healthcare, especially should he need to enter a nursing home or require home visits. Always thinking about his family, James doesn't want his children to have to worry about helping him pay for potential healthcare costs.
Luckily, James purchased long-term care rider insurance before he retired at 60. He added the rider to a whole life policy. For James, this was a smarter move than purchasing a traditional long-term care policy. This option provides him with financial flexibility. In the event that James needs healthcare-related assistance, he can use his policy to help offset the costs. But, if James doesn't require this kind of care, the policy will act as a normal whole life policy, and pay out a death benefit upon his passing. Traditional long-term care policies don't offer this.
Combining the accelerated death benefit rider with the long-term care rider allows you to take full advantage of your policy's death benefit to help pay for unforeseen medical expenses.
For example, if you are diagnosed with a terminal illness and require assisted living, these riders can be utilized. Long-term care will assist in covering the healthcare-related expenses while the accelerated death benefit rider can allow you to withdraw more of your death benefit to pay for expensive medical procedures or treatments, or help pay for assisted living.
Long-term care alone will allow you to help offset the cost of assisted living, but the rider has a maximum amount you can take from you death benefit. Adding an accelerated death benefit rider allows you access to more cash.
While these benefits decrease your death benefit, there is still a guaranteed residual benefit for your beneficiaries. And, the accelerated death benefit is free on whole and universal life policies.
Prepare for the future today!