Life Insurance provides more than an income tax free death benefit. From time of policy purchase until retirement and beyond, there can be unique medical and financial challenges.
Have you considered incorporating the options that can be available in a life insurance policy? A Long-Term Care Rider (LTC), often referred to as a Chronic Illness Rider, is a life insurance policy option that allows you to leverage your inforce policy should you develop an illness that leaves you unable to take care of yourself on a daily basis. The death benefit then can be used to pay for those unforeseen long-term care expenses.
Why should you consider a LTC Rider with your life insurance policy?
• 70% of all Americans over age 65 will
require LTC during their lifetime
• Average period – 2 to 3 years
• Average cost of home care – $4,100
per month ($50k per year)
• 75% of all single people and 50% of
all couples spend their entire savings
within one year of entering a nursing
• Women are twice as likely as men to
need LTC – with 80% needing LTC
during their lifetime
• More than half of all long-term care
services are provided in the home
• Women who provide unpaid care lose
an average of $565K in income and
retirement benefits over their lifetime