Life Insurance with Long Term Care Insurance Riders
These policies combine life insurance for the elderly with long term care insurance. The basic idea is that if the insured needs money for long term care, they can withdraw money from their death benefit. When the insured passes away, the death benefit is equal to the balance after withdrawing money for long term care.
There are also products that combine LTC riders with annuities and disability income policies. Annuities are financial products that pay a set amount of money on a regular basis (usually monthly or annually).
Combining the care with the death benefit in a whole or universal policy may cost more, but there is a payoff either way. If you go into a nursing home, you collect. If you don't need that care, there's still cash for your heirs. Plus, whole and universal policies often establish a premium guaranteed to at least maintain the basic benefit, although it may not be enough to build cash value.
Need help or a quote?
Call us at 813-964-7100 or 716-565-1300
Get a quote online: http://mintcofinancial.com/long-term-care-insurance-quote.asp
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