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Make the Most Out of Your Life Insurance: Add a Long-Term Care or Chronic Illness Rider

Updated: Jan 18, 2023

Life Insurance with a Long Term Care Rider

You already understand the value or need for life insurance but have you factored in the importance of planning ahead for a potential long-term care event ? If you're ready to purchase a life Insurance policy, why not consider a policy that includes an long-term care rider? Having an LTC rider on your life insurance policy is very affordable and allows you to decide how you want to use the policy. Here are the key factors on why adding a long-term care or chronic illness rider will make your life insurance policy go a long way:

Protecting Loved Ones:

Life: You're protecting your loved ones by having a sum of money available to them after your passing. Passing away can be expensive for others, so its important to keep your loved one's financially stable during crucial times.

LTC: If you ever need to receive care for long term care services, you now have the flexibility of using some of that death benefit for your LTC expenses. Not only are preventing your loved ones from helping pay for your care but also preventing them in being your caregivers. Friends and family will also have your back, give them access to the driver seat in being your care coordinator.

Guaranteed Premiums:

For those who like the idea of having Long Term Care benefits but a stable premium, life insurance policies already provide guaranteed premiums that cannot increase over time. By adding an LTC rider to the policy, not only will you have a fixed premium but you will have access to draw benefits from the policy should you ever need care for a long-term care event.

Some LTC Riders Provide Cash in Benefits:

Don't like the idea of reimbursement plans that require proof of receipts showing care was given? Life Insurance with LTC rider provides benefits in cash which give you the ultimate flexibility on how you would like to received your care. Did I also mention the LTC benefits are tax free?

Return of Premium/Surrender Value:

We purchase coverage to protect our future, but we can't entirely map out of the future of our lives. Life changes or your goals change. Some life insurance plans provide return of premium. Down the road, you may decide you don't need this policy or you've purchased a more current plan that fits to your needs. Having the option to surrender the policy and gain any cash value can help fund other plans for your future.

Buying Time:

Should you develop a chronic illness and need to draw benefits from your policy, you're essentially buying time in preventing yourself from tapping into your own assets to pay for care.


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