Long–term care riders on life insurance policies can be more affordable than standalone long–term care policies. If you use your rider’s long–term care benefits, your policy’s death benefit will go down proportionately.
Furthermore, can life insurance be used for long term care?
You can use your life insurance policy to help pay for long–term care services through the following options: Combination (Life/Long–Term Care) Products. Accelerated Death Benefits (ADBs) Life settlements.
Moreover, what is a long term care rider in a life insurance policy? A long–term care rider is an add-on or feature to a life insurance policy or an annuity under IRC ยง7702B (the Internal Revenue Code concerning the treatment of long–term care) designed to help pay for the costs of long–term care services.
In this regard, what happens to long term care insurance when you die?
Please note: At the time of death, beneficiaries are not entitled to any Long Term Care Insurance policy or certificate’s remaining maximum balance, other than eligible care which has not yet been reviewed. Any remaining benefits that are due and owed for covered expenses are generally paid to the Insured’s Estate.