HERE’S HOW IT WORKS Some life insurance issuers offer life insurance with a long- term care rider available for an additional charge. If you buy this type of policy, you can pay the premium in a single lump sum or by making periodic payments. In any case, the policy provides you with a death benefit that you can also use to pay for long-term care related expenses, should you incur them. The amount of death benefit and long-term care allowance is based on your age, gender, and health at the time you buy the policy. The appeal of this combination policy lies in the fact that either you’ll use the policy to pay for long-term care expenses or your beneficiaries will receive the insurance proceeds at your death. In either case, someone will benefit from the premiums you pay. LONG-TERM CARE RIDERS The long-term care benefit is added to the life insurance policy by either an accelerated benefits rider or an extension of benefits rider.
Accelerated benefits rider : An accelerated benefits rider makes
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