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Life Insurance Helps Fund Chronic Care Needs

Life insurance can do a lot more than just offer a payout to your beneficiaries when you pass away.  Not many people are aware of additional perks that can be purchased such as a rider, or even perks that are already included in your policy.  Specifically speaking, there is a life insurance rider available from the Hartford Life Insurance Company that can help finance chronic care needs as you age.

According to their website, Hartford Life Insurance understands many baby boomers will need some sort of nursing home care in their future.  Most people will be cared for in their home by a loved one or family friend, but for those who need a nursing home, ensuring appropriate financing can be overwhelming.  The site gives some steps to take once you are ready to talk about what you may need in the future if you were to become ill.  It's important to start the conversation with loved ones to see if someone is willing to help if long-term care is needed.  Evaluate your desires, because some people would prefer loved ones to not be involved.

Once you have the important questions answered, evaluate your expenses closely.  In general, there are two types of insurance policies to assist with the cost of care for a long term illness.  This includes a traditional long-term care insurance policy, or if you already have a need for life insurance you can choose an optional rider that advances the death benefit in the case that it's needed for long-term care.  The Hartford offers this type of plan through its LifeAccess Accelerated Benefit Rider.

It's never too soon to take a close look at what your future needs may be.  By planning ahead you will improve your ability to get the type of help you want, whether its staying home or going to a nursing care facility.  If you choose to insure yourself through a rider, be sure you understand how the benefits are affected if you access the advance.  Rider benefits may be taxable depending on the individual's circumstances, and the death benefit may be decreased for your beneficiaries once you pass away.  By knowing exactly how your plan will be affected you can prepare your beneficiaries for what they can expect from your life insurance benefits.

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