Can life insurance help pay for long-term care?
Yes — and this surprises most people. Certain life insurance policies include chronic illness riders that allow you to access your death benefit to pay for long-term care costs if you're unable to perform two or more activities of daily living (bathing, dressing, eating, etc.) for 90+ days.
Nearly 75% of people will need some form of long-term care in their lifetime, yet most people are financially unprepared for it. A life policy with a chronic illness rider can provide this protection without requiring a separate, expensive standalone LTC policy.
The benefit is paid as an accelerated death benefit — meaning it comes out of your policy's face amount. If you never need care, your beneficiaries receive the full death benefit. If you do need care, you have funds to cover it.
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