Long-Term Care

There is no one-size-fits-all solution. Depending on your goals, planning may include one or more of the following: 

Traditional long-term care insurance is designed primarily to help pay for qualifying long-term care expenses. Policies may provide benefits for care received at home, in assisted living, or in a nursing facility, subject to the terms of the policy. 

Asset-based long-term care solutions combine long-term care benefits with life insurance or an annuity. These strategies may provide benefits for qualifying care needs and may also offer a death benefit or remaining value for beneficiaries if long-term care benefits are not fully used, subject to policy terms. 

Certain life insurance policies may offer an optional long-term care, chronic illness, or accelerated death benefit rider. If eligibility requirements are met, the policy may allow access to a portion of the death benefit during the insured’s lifetime to help address qualifying care expenses. 

These riders are not identical to traditional long-term care insurance. Benefits, eligibility requirements, monthly limits, payment methods, policy values, and tax treatment vary by carrier and policy. Accessing benefits during life generally reduces the death benefit available to beneficiaries.