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Using Life Insurance Riders to Pay for Long Term Care
1 pages
Published by
BeamaLife Corporation
Using Life Insurance Riders to Pay for Long-Term Care
If you re thinking about buying a stand-alone long-term care insurance (LTCI) policy, you might have another option.
An increasing number of states are permitting the sale of...
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Using Life Insurance Riders to Pay for Long-Term Care
If you re thinking about buying a stand-alone long-term care insurance (LTCI) policy, you might have another option.
An increasing number of states are permitting the sale of long-term care hybrid products that allow you to obtain longterm care coverage with a special rider added on to your life insurance policy.
Howdoesitwork?
When it comes to long-term care, you might be able to add an acceleration rider to your life insurance policy that will
allow you to tap into (accelerate) your death benefit if you need long-term care during your life.
For such a rider to
take effect, most insurers require a prognosis of death within 12 months, and your benefits may be limited to a
percentage of the face amount in your policy.
Of course, your death benefit will be reduced by the amount of benefits
you receive.
If your long-term care costs are high, you may eventually deplete your death benefit (assuming your
policy allows it).
This woul
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