Life Insurance with Long Term Care Rider

Older Couple Sitting Together at Beach

Buying Life Insurance with Long Term Care Rider

Nobody wants to think about their own death, and you certainly don’t want to consider the fact that you might have to eventually enter a nursing home. However, these are realities that should be considered if you want to protect your family and your estate. With life insurance with long term care rider Nationwide, it’s easier than ever before to provide for your family and preserve your estate to pass down to them.

Life Insurance With Long Term Care RiderThe Cost of Life Insurance with Long Term Care Rider

Right now you may be strong and healthy, but you will eventually start to grow frail with age. When this happens, you have a few choices available to you. If a family member is willing to care for you, then you can move in with them. If the funds are available and you still have some level of mobility, then you can stay at home and invest in home health care services.

However, there may come a point when loved ones are no longer physically able to care for you and your condition requires more than home health aides can provide you. When this happens, you may have to enter a nursing facility such as a nursing home. The real shock, comes with the price of this care. In states like New York, this cost averages more than $9,000 a month. Other states like Florida are a little lower, but the average in the sunshine is still over $6,000 every month.

Assistance for Low-Income 

You may be thinking that Medicaid will cover your care, but this isn’t necessarily true. Medicaid will pay for your nursing home care if you have no assets. If you do have an estate, you will be forced to liquidate the estate to pay for your care. Medicaid will only start making the payments once your estate is liquidated and you are completely destitute. There is a five-year look back period, and any disbursements made to family and friends during that time will have to be repaid by the recipients. However, you can protect yourself and your family by investing in life insurance with long term care rider.

How the Program Works

Life Insurance With Long Term Care Rider

When you purchase life insurance with long term care rider from Nationwide, you will receive life insurance protection for your beneficiaries in the event of your death. More importantly, you will have life insurance with long term care. If you have to go into a nursing facility, the insurance company will handle all of your medical expenses for the first few years. This gives you time to get your estate in order. Disbursements can be made, property liquidated and the estate settled without being forced to sell everything to the highest bidder.

Life Insurance When You Need It 

Life insurance with long term care rider program works by essentially making payments to you before the time of your death. Each month, you will be paid the amount required to cover your nursing care. That same amount is deducted from the face amount of your life insurance policy. If you are able to find a more affordable facility and offset the monthly expenses with your retirement income, then you will have more of your life insurance policy left for your loved ones at the end.

Benefits of This Plan 

long term care insurance

The cost for regular long-term care insurance can rise by 10 to 50 percent a year. Fortunately, the premiums for this plan are fixed and will never increase. The younger you are when you make the investment, the more affordable your rates will be.

Another excellent feature of this life insurance with long term care rider is that the premiums pay for life insurance as well as long-term care. Unlike other programs, your premium payments are never wasted. You and your family will benefit either through the long term care coverage to pay for your living needs, or the life insurance policy value your beneficiaries will inherit upon your passing.

Even if you use the full face value of your rider on long-term care, your family will still receive a minimum of ten percent of the policy face value as a death benefit when the time comes. This makes this policy for covering your family’s needs after your death and preserving your estate if you require more medical care as you age.

To get more information about life insurance with long term care rider option, please call today to speak with a licensed insurance agent, 1-888-773-1181

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