Combine life insurance with long-term care benefits for better protection.
Long-term care insurance is something many of us tend to overlook. After all, there’s a risk of buying such insurance, spending tens of thousands of dollars on it, and then never needing it. These types of policies pay for nursing homes, assisted living or home health care. But, what if you don’t need these services? Fortunately, there is a way to obtain the protection you need without taking out a new insurance plan. New types of policies combine long-term care insurance with permanent life insurance, making it easier for you to find and purchase all-round protection.
A combination of long-term care insurance and life insurance helps to pay for long-term care that is not covered under health insurance or Medicare. If you don’t max out the long-term care benefits, the insurer will pay a benefit to your beneficiary (or beneficiaries) upon your death.
Here’s what you need to know about the combination of long-term care and life insurance:
- Depending on the policy you choose, you pay one lump-sum premium or a few annual premiums.
- The policy provides a pot of money for long-term care that’s equal to several times your premium payments.
- The policy’s death benefit will be reduced according to how much money you use for long-term care.
- You may be able to obtain a policy that guarantees a small percentage of the death benefit, such as 10 percent, to your beneficiary.
Looking for more information about life insurance with a long-term care rider? Here’s what you should know.
With so much value riding on life insurance, it’s wise to secure the best policy for your needs. Contact a trusted insurance agency with experienced agents who can adequately advise you. Are you ready to get started? Then contact the team at Donald Weiss Insurance Services. Our professionals are ready to get you the coverage that you need today.
