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Long Term Care

Life Insurance with a Long-Term Care Rider


Imagine retirement. Visions of grandchildren's laughter, adventures with your partner, and finally checking off those bucket list dreams. Now, picture this: statistics tell us over half the population will need some form of long-term care in their lifetime, with monthly costs for skilled care averaging a staggering $7,000 to $10,000. Suddenly, those dreams can become clouded by financial worry.

 

Traditional life insurance offers security after you're gone, but what if it could do more? Life insurance with a long-term care rider may be the perfect innovative solution that safeguards your family's future while providing flexible, accessible care when you need it most.

 

Think of it as a two-in-one superpower:
  1. Life insurance protection: Your loved ones receive a financial cushion upon your passing, ensuring their well-being.
  2. Long-term care benefits: Access a portion of your death benefit while you're alive to cover care expenses, including:
    • Nursing home stays: According to the Genworth Cost of Care Survey 2023, the national median monthly cost for a semi-private room in a nursing home is $8,823.
    • Assisted living: Genworth also reports a national median monthly cost of $4,140 for assisted living facilities. This flexibility lets you choose the care setting that best suits your needs.
    • Home health care: Staying in the comfort of your own home? Many riders cover in-home care services like skilled nursing, therapy, and licensed caregivers.
    • Adult day care: Need a break for yourself or your family caregiver? Riders can even cover adult day care programs, offering socialization and support at specialized facilities.

 

Why Choose This Dynamic Duo?
  • Double Duty: You get both life insurance protection for your loved ones and long-term care coverage for yourself in one convenient package.
  • Financial Protection: Premiums for a Long-Term Care Rider on a life policy can be significantly less than a traditional standalone Long-Term Care product. Plus stable premiums that don't fluctuate are convenient and easy to plan for.
  • Flexibility and Control: You choose how you use the long-term care benefits and determine the timing of your care. No rigid rules dictating which services you utilize.
  • Peace of Mind: Your death benefit remains intact to provide for your loved ones if the long-term care benefit is not needed. The future holds uncertainties, but your loved ones' security doesn't need to be one of them.

 

Similar to Long-Term Care: The Chronic Illness Rider

Living with a chronic illness can often mean juggling medical bills, unexpected expenses, and emotional challenges. The chronic Iilness rider offers some financial flexibility, allowing you to access a portion of your life insurance death benefit while you're still alive if diagnosed with a qualifying chronic illness. This gives you the financial freedom to focus on your health and well-being, without the additional burden of financial stress. Whether you need to cover medical bills, treatment costs, or simply take a break to recharge with a family vacation, the choice is yours.

 

A chronic illness rider is an optional addition to your life insurance policy available with some carriers, and individual policies may have unique terms and conditions. It's important to consult with your insurance agent for personalized details and guidance.

 

 

Contact a Loman-Ray agent today to schedule a no-obligation assessment of your life insurance needs, including Long-Term Care considerations.

 

Ready to Explore Deeper? Let's Unpack Some Common Questions
Is long-term care really something I need?

Over 50% of Americans over 65 will require some form of long-term care, often due to chronic illnesses, disability, or cognitive decline. Even younger people can face unexpected health challenges requiring long-term assistance.

How much does this option cost?

Premiums depend on several factors, including your age, health, and the amount of coverage you choose. However, it can often be more cost-effective than standalone long-term care policies due to leveraging your existing life insurance.

How do I choose the right life insurance with a long-term care rider?

Comparing different policies and riders from various insurance companies is crucial. Consider factors like:

  • Coverage amount: How much care do you anticipate needing?
  • Benefit triggers: What medical conditions qualify for benefit access?
  • Eligibility requirements: Do you meet the policy's health and age criteria?
  • Premium costs: Can you comfortably afford the monthly premiums?

 

As an independent agency, Loman-Ray works with multiple highly-rated insurance carriers to ensure a proper fit for your unique circumstances.

If I need long-term care and want to use my rider, what do I do to start the claim process?

Making a claim is straightforward with our guidance. Here's a step-by-step breakdown:

 

1. Contact your insurance company: The first step is to inform your life insurance provider that you require long-term care services and intend to access your rider benefits. Most companies have dedicated phone lines or online portals for initiating claims. A Loman-Ray representative can also assist with this communication with the company.

2. Provide necessary documentation: This typically includes medical records outlining your qualifying condition, a physician's certification confirming your need for care, and details of the desired services and providers. Our helpful claims team can guide you through specific requirements.

3. Benefit determination: Once you submit the documentation, the insurance company will review it to determine if your claim meets the policy's eligibility criteria and benefit triggers.

4. Choose your care provider: You have the flexibility to choose your preferred care provider, whether it's a nursing home, assisted living facility, or home health agency. Ensure your chosen provider accepts your insurance and the rider's coverage.

5. Claim payments: Upon claim approval, you'll receive payments directly or have them sent to your chosen care provider, depending on your preference and the terms of the policy.

 

Here are some additional things to keep in mind:

  • Keep records organized: Maintaining copies of medical records, invoices, and receipts related to your care will be helpful throughout the claim process.
  • Communicate proactively: If any changes occur in your care needs or provider, inform your insurance company promptly.
  • Reach out for assistance: Don't hesitate to contact Loman-Ray if you have any questions or need clarification at any stage of the process.

 

We understand that accessing long-term care can be a daunting prospect. Our aim is to make the claims process as smooth and stress-free as possible. Remember, our team is here to support you every step of the way.

What qualifies as a chronic illness under the rider?

Chronic illness typically refers to a diagnosed medical condition requiring ongoing care and impacting your daily activities for at least 12 months. Other qualifying illnesses diagnosed by you physician are those that are reasonably expected to be terminal within 24 years. Consult your insurance agent for specific details and covered conditions.

How much of my death benefit can I access through the chronic illness rider?

It varies depending on your policy and coverage amount. Benefit advances range from $10,000 to $1,000,000. Typically, you can access a percentage of your death benefit, with limits and restrictions in place.

Who can help me make this decision?

Our team of licensed insurance agents is here to guide you through the process. They can answer your questions, compare different policies, and find the perfect solution for your unique needs and budget. Get started today by finding a local agent.

 


The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

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