Some Life insurance policies can be purchased with options attached, called Riders. One of these is a Long Term Care Rider, which helps to cover expenses for a nursing home or home health care. This can be a great alternative to traditional long term care insurance. One of the benefits of Life Insurance with Long term Care is that your rates won’t go up like they do with traditional long term care. You receive a fixed benefit amount that you are paid monthly, usually after being unable to perform two standard activities of daily living (ie. eating, bathing, dressing) for a period of 90 days. This benefit amount is often a percentage of the death benefit, such as 2%. So if you had a $100,000 life insurance policy with long term care rider, you would likely receive up to $2000/month as your long term care benefit. If you had a $250,000 life insurance policy with long term care rider, you would likely receive up to $5,000/month as your long term care benefit.
Use the tool below to get free life insurance quotes. For quotes with the long term care rider, please contact an agent.