Protect your future with life insurance and a long-term care rider.
When people think about protecting their future finances and family, they often think about life insurance. While life insurance is a valuable policy to have, so is long-term care insurance, which is a policy that is often overlooked. Fortunately, you do not have to choose between the two in order to receive reliable protection without breaking the bank. You can add a long-term care rider to your life insurance policy.
Long-term care insurance is a policy that helps to pay for nursing homes, assisted living, or home health care. While these are significant expenses you may have to consider in the future, what if you never need these services? Do you really want to take out a policy just in case? Fortunately, you do not have to be without. New policies combine long-term care insurance with permanent life insurance so that you have stable protection in place.
Here is how a combination policy works:
Depending on the policy, you pay one lump-sum premium or a few large annual premiums, typically for fewer than ten years.
The policy provides a pot of money for long-term care that is equal to several times your premium payments.
The policy’s death benefit will be reduced, which means less money for your beneficiary, depending on how much of the long-term care benefit you use.
Some policies may guarantee a small percentage of the full death benefit, such as ten percent.
You may need to supply medical records and take a medical exam to qualify for some combination policies.
Do you need help choosing a life insurance plan with riders? The team at Mayer Insurance are ready to assist. Contact our trusted experts today to get started.
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