long-term care Insurance
Should you buy life insurance with a long-term care rider?
Utilizing a long-term care (LTC) rider on life insurance offers financial security if you can't self-care in later years. Although it increases premiums and may impact beneficiaries, the life insurance with an LTC rider presents an option for accessing long-term care benefits. Contact us for guidance on finding the right policy. Seek expert advice to ensure the best fit.
What is an LTC rider?
A long-term care life insurance rider alters your life insurance by allowing the use of the death benefit for long-term care expenses while you're alive. This rider covers expenses not included in traditional health insurance, like home health care, long-term care facilities, or nursing homes. It doesn't cover costs addressed by health insurance, such as doctor visits or hospital stays. Generally available for permanent policies like universal or whole life insurance, long-term care riders are not typically added to term life insurance; check with our specialty team at Ford Insurance Agency for options.
How does life insurance with a long-term care rider work?
If eligible for the long-term care benefit through your LTC rider, your life insurance provider may disburse an allowed amount, either as a lump sum or a monthly percentage of your policy's death benefit. Monthly allowances typically range from 1% to 4% of the death benefit. Many policies enforce a waiting period, often approximately 90 days, before you can commence receiving the benefit.
Is a life insurance & long-term care policy worth it?
The long-term care (LTC) life insurance rider combines your life insurance benefit to cover long-term care needs. Standalone LTC insurance is increasingly rare and costly. Opting for a life insurance with an LTC rider can provide a comprehensive and cost-effective solution for long-term care benefits, ensuring peace of mind for you and your loved ones.
It’s time to meet Madison!
Madison Ford leads our life insurance department. He’d be happy to help! You can call him directly at (231) 492-0824 or email him at mford@fordinsurance.net.
CALL: (231) 492-0824
EMAIL: mford@fordinsurance.net
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