Long-Term Care Rider
A long-term care rider is designed to help you cover the costs of long-term care should you be unable to take care of yourself due to illness or disability. This rider is typically sold as a separate product. This is one of the most expensive riders to add to your insurance policy. Read more to find out everything you need to know about long-term care riders.
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UPDATED: Feb 25, 2021
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- A long-term care rider will pay out a set portion of your life insurance death benefit to help pay for your care if you become too ill to take care of yourself
- The death benefit of your life insurance policy will be reduced by the amount paid out to assist in your long-term care
- To access your long-term rider benefits, you must be unable to perform at least 2 of the 6 daily activities of daily living
A long-term care rider on your life insurance policy is designed to help you cover the costs of daily long-term care should you become too ill to take care of yourself. Most of the best life insurance companies offer these riders on their insurance policies.
However, it may make more sense for you to purchase separate long-term care insurance depending on your situation. To access your long-term care rider benefits, you must be unable to perform two out of the six listed daily activities.
Long-term care riders are designed to help pay for assisted living services and nursing homes, but the amount of money you receive may be less than your total death benefit. Plus, the benefits paid out by your insurance rider may not be sufficient to completely cover your long-term care.
If you’re ready to compare life insurance quotes with long-term care riders, enter your ZIP code above to see affordable life insurance rates with long-term care riders in your area.
How does a long-term care rider work?
A long-term care rider pays out benefits from your whole life insurance policy’s death benefits for your long-term care if you are unable to perform at least two of these six daily activities:
- using the toilet
- maintaining bowel and bladder continence
- walking or getting from one place to another
- getting dressed
If you can perform more than four of these daily activities, you won’t be able to access your long-term care rider benefits.
This rider is designed to help pay for long-term care, but insurance companies may cap the amount of money you can use for your long-term care rider at 80 percent of your death benefit. This may not be enough money to completely cover your long-term care costs.
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Should I get long-term care insurance instead of adding a rider to my existing policy?
That is up to you. Long-term care insurance is expensive, but so is a long-term care insurance rider.
|Insured Person||Average Annual Rates|
|Single Male, Age 55||$1,700|
|Single Female. Age 55||$2,675|
|Couple, Both Age 55 (Combined)||$3,050|
|Single Male, Excellent Health, Age 65||$1,400|
|Single Male, Some Health Issues, Age 65||$2,100|
|Single Female, Excellent Health, Age 65||$2,100|
|Single Female, Some Health Issues, Age 65||$3,100|
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In fact, long-term care riders are the most expensive insurance riders added to policies since they are priced as an individual product. Typically, people pay anywhere from 600 to 1000 dollars extra for a long-term care rider.
The long-term care insurance pros and cons need to be weighed before choosing this type of insurance over adding a rider to your life insurance policy.
Speak with an insurance advisor to best gauge your situation and needs. You can also take a detailed look at a real-world, long-term care rider at the S.E.C. to get a feel for what this rider is.
If you’re looking for affordable life insurance with a long-term care rider, enter your ZIP code below to compare life insurance rates with a long-term care rider.