Most people, especially those many years away from retirement, like the concept of insuring against long term nursing or custodial care expenses. Their hesitation in actually purchasing the coverage comes from looking at a stream of premiums that, like the Energizer Bunny™, keeps going and going and going.
In this case, the applicant might want to consider limiting the number of years that premium is paid. Several insurance companies offer such arrangements on a wide variety of policy benefit designs, with more being added all the time due to the popularity of this policy provision, especially with younger applicants.
The life insurance Long Term Care Rider is perhaps the most effective way to provide a limit to the premiums for long term care insurance protection. It not only is possible to guarantee lifetime coverage with your choice of number of premiums, even a single deposit, but the coverage is guaranteed to be self-completing!
The life insurance Long Term Care Rider and the policy death benefit will pay at time of long term care claim, or date of death, or a combination, in an amount that is always more than the premiums paid.
In other words, the addition of the Long Term Care Rider allows the life insurance policy to do double-duty as a form of asset protection for either long term care or estate settlement expenses, or both…guaranteed.
