Doctors who do not wish to purchase separate long-term care coverage have the option to add a Long-Term Care Rider to their life insurance policy. Long-term care (LTC) refers to personal or custodial care for individuals who need assistance with basic daily activities, such as dressing, bathing, eating, using the restroom or moving around a home. Long term care includes support provided to an individual either in their home or in a facility such as a nursing home, and the cost of long term care is not covered by health insurance.
A long-term care rider allows the policyholder to receive accelerated payouts from the death benefit if they require long-term care. These benefits may be funded with a lump sum payment or installments, and then any unused LTC money is paid out in the policy’s death benefit.
If you’re interested in bundling your long-term care planning with your life insurance, ask your financial consultant about life insurance policies with an LTC rider. If you already have life insurance, it may be possible to add an LTC rider to your existing policy.
