Life & Long Term Care Combo
In a life insurance policy with long term care (LTC) coverage, accelerated benefits are available when long term care is needed. This means a portion of the death benefit is paid out early in order to cover long term care costs (reducing the death benefit accordingly). However, there is a limit to the total amount that can be withdrawn to pay for LTC. So, while this type of policy allows you to collect should you need long term care, it also ensures that there is still a death benefit remaining for your heirs. But if you never need LTC, then your funds are unaffected.
Many of these products allow the addition of an extended benefit rider that increases the amount of long term care benefits, as well as inflation, to keep up with the cost of care.
Contact a Graber & Associates agent today to find out if you could benefit from a life and long term care insurance combo.