Life Insurance Basics
What is a life insurance accelerated benefit for long-term care?
An accelerated benefit for long-term care allows you to access a portion of your life insurance death benefit while you are still alive to pay for long-term care services. This is a hybrid life/long-term care product. Benefits are paid when you need help with activities of daily living or have severe cognitive impairment.
Key Points
- LTC rider: access death benefit to pay for long-term care services
- Benefits paid when you need help with ADLs or have severe cognitive impairment
- Hybrid life/LTC: combines death benefit and long-term care coverage
- Alternative to standalone long-term care insurance
- An independent agent can help you evaluate hybrid life/LTC products