An added benefit to life insurance
In a life insurance policy with LTC coverage, accelerated benefits are available when long term care is needed. A portion of the death benefit is paid to cover long term care costs, and the death benefit is reduced accordingly. There is a ceiling to the total amount that can be withdrawn to pay for LTC. The key benefit to this type of policy is that if you go into a nursing home, you collect and if you don't need that care, there's still cash for your heirs.
These products are very complex and should be considered from every angle possible.
Contact our office today to find out if you could benefit from a life/LTC combo.
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