Life Insurance with LTC Benefits

Life Insurance, with Long-Term Care Access Riders, or Accelerated Death Benefits

Many insurance companies offer long term care access riders that can tap into the existing death benefit on life insurance plans. In most cases, long-term care benefits are paid using the same qualifying triggers as traditional long-term care plans. However, some companies may require the condition to be chronic. If you have a recoverable condition from an accident, or cancer, it may not qualify for benefits. But that is less common. These plans are usually meant for life insurance first, and long-term care coverage second. There are some exceptions, but most life insurance plans with access to long-term care benefits don’t have very rich extensions on the continuing long-term care benefits the way a combination or hybrid plan provides. Almost none of these LTC access riders offer any inflation growth on the monthly benefit limit. If someone really isn’t shopping for life insurance, primarily concerned about long term care benefits, this is probably not the best solution. However, if you are in the market for considerable life insurance coverage anyway, adding long-term care benefits access could work well for you.