At least 70% of Americans over age 65 today will require long term care (LTC) services during their lives.1
Many life insurance plans can pay an accelerated death benefit through a policy rider to help cover LTC expenses. While the majority of riders offered by life insurance plans cover chronic illness situations a few leading insurers offer a broader option called a long term care services rider.
Learn about the significant differences between Long Term Care and Chronic Illness riders such as:
Which rider requires a permanent condition, and which rider only requires a condition that is expected to last 90 days or longer and can be used for multiple conditions throughout a lifetime
What triggers coverage under each rider and what happens once coverage begins
How the method of payment can impact the flexibility, coverage period, and possibly even the taxation of benefits received
How the death benefit of the policy is impacted when living benefits are paid
The difference in elimination periods
The difference in the cost of coverage for each rider
Understanding which works best for which situations is critical knowledge, and is essential to helping your clients make the best choice.