Prepare for Potential Long-Term Care Needs with Life Insurance

As life expectancies rise, the likelihood of requiring long-term personal care assistance also increases. While health insurance covers medical treatments, it doesn't pay for non-medical services like help with daily living activities.

A Living Needs Benefit Rider added to a life insurance policy can provide crucial funds for these potential long-term care costs. These no-extra-premium riders, available on some permanent and level-term policies, unlock a portion of the death benefit while you're still living if certain criteria are met.

Many mistakenly assume Medicare will cover extended home care or nursing home stays. In reality, Medicare provides limited coverage after a health event, leaving long-term personal care expenses as an out-of-pocket responsibility.

With living benefits, you can access a percentage of your policy's death benefit tax-free to pay for qualified long-term care services like:

• Home health aides

• Adult day care

• Assisted living facilities

• Nursing homes

This allows you to remain independent and receive necessary assistance while protecting your assets and legacy from being drained by care costs.

Don't wait until it's too late. Discuss adding a Living Needs Benefit Rider when purchasing life insurance to proactively plan for your future long-term care needs and safeguard your financial security.

Living Needs Benefit Riders: Accessing Life Insurance for Care Costs

When purchasing life insurance, consider adding living needs benefit riders to access a portion of your death benefit if you require long-term care services. Common rider options include:

Long-Term Care Riders

Provides periodic payments or expense reimbursement if you can't perform daily living activities like bathing, dressing, etc. Due to aging, illness or disability. Covers at-home or facility care costs.

Terminal Illness Riders

Allows an advance payout if diagnosed with a terminal condition to cover alternative treatments, live-in caregivers, or other needs not covered by health insurance.

Nursing Home Riders

Provides an accelerated benefit if you require at least 6 months of continuous nursing home confinement due to an eligible medical condition.

Waiver of Premium Riders

Pauses your premium payments if you become significantly disabled and unable to work according to policy terms.

Critical Illness Riders

Like terminal illness riders but for non-terminal conditions, giving access to funds after diagnosis of a covered critical illness like cancer, stroke, etc.

Over 70% of people eventually require assistance with daily living activities. Long-term care costs can rapidly deplete savings if unplanned for. Living needs riders ensure your life insurance also protects your assets and quality of life should you require care services. Discuss adding these valuable benefits when purchasing a policy.