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
- 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