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Preparing for life's possibilities

To fully enjoy your retirement possibilities, you recognize your money may need to last 20 years or longer. You may have even set aside some additional funds in a safe place, such as a bank or other low interest-bearing account, for unexpected expenses. 

But in the decades to come, challenges such as declining health could adversely affect these assets and the retirement you’ve envisioned. Because of the increasing likelihood you may need care as you age, take steps now to learn about your options and how they may influence your future possibilities: including life insurance products with provisions to help you plan for your potential long-term care needs. 

Funding long-term care with life insurance

While a life insurance policy’s death benefit is the most important reason for purchasing your policy, you may also have options to purchase benefits to help cover expenses associated with a chronic illness or long-term care. 

Some of those options include purchasing optional chronic illness coverage when you buy a new policy, or buying a hybrid life insurance policy that includes built-in long-term care or chronic illness benefits. 

Policies offering this type of coverage allow you to either use your policy’s death benefit for eligible expenses, or may provide for an additional extension of benefits to use once your death benefit has been depleted. 

Potential benefits to you

  • Lifetime death benefit protection
  • Chronic illness or long-term care benefits using your life insurance policy’s death benefit
  • Guaranteed premiums that will never increase on select products
  • Hybrid policies may also provide an extension of LTC benefits, inflation protection and a feature that allows you to get your money back if you no longer want coverage
  • Flexibility in how you use your benefits, either to pay for formal care in a nursing home or other facility, or allow for informal care at home

Considerations

  • Benefits are paid upon meeting the policy’s eligibility requirements
  • Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company, and the continued payment of premium to keep the policy from lapsing.
  • Benefit payments will impact your policy’s death benefit and other features.

Long-term care insurance products issued by MINNESOTA LIFE INSURANCE COMPANY

This page is not approved and available in the following states/jurisdictions: Arizona, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Indiana, Montana, New Jersey, New York, North Dakota, South Dakota.

Plan for your future

Protect your family, your assets and your legacy. Contact a financial advisor to learn how life insurance can help you pay for long-term care.

Find an advisor
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods.
Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.
Long-term care agreements and policies have exclusions and limitations. For costs and complete details of coverage please contact your financial professional.
ICC17-233558
DOFU 10-2017
233558