Coverage based on your unique needs
We strive to help make it easier for you to understand life insurance policies. Don't hesitate to talk to an advisor to help determine what best meets your needs. The most common types of life insurance fall under two major categories:
Term life insurance
Term life insurance provides coverage for defined periods of time.
Permanent life insurance
Life insurance riders
Many life insurance policies can include riders which are add-ons of extra features and benefits to the baseline coverage. One example of this is a long-term care rider.
Long-term care riders on life insurance
A major cost for most Americans over age 65 is specialized care, such as a nursing home, assisted living or in-home care. Most people don’t properly plan for long-term care expenses. A wealth management professional can help you plan to protect your assets and potentially relieve the pressure on family members to act as caregivers.
One cost-effective way to purchase long-term care insurance is to add a rider to a permanent life insurance policy. The long-term care rider typically pays you benefits when you are not able to perform two out of the six basic Activities of Daily Living (ADLs): eating, bathing, getting dressed, toileting, transferring, and continence.
Talk to an advisor to determine if adding a long-term care rider to a life insurance policy makes sense for your situation.