Using Life Insurance for Long Term Care Expenses

Life Insurance with Long Term Care

When you think of Long Term Care insurance what comes to mind? If you’re thinking dollar signs, then you’re not alone. Although Long Term Care insurance provides excellent benefits, it’s generally not affordable for most people.

If the cost of Long Term Care coverage is too expensive, what other options do you have? What if I told you life insurance? Life insurance is the ideal solution for protecting your family’s financial security in the event of death, but it can also offer the same protection while you are still living.

Transamerica Life Insurance Company has developed a hybrid type of term life insurance coverage called Trendsetter Living Benefits. Living Benefits term life insurance coverage can help assist with the high cost of long term care expenses.


An Alternative Method to Paying for Long Term Care Expenses

A critical or chronic illness can cause major financial devastation to any family. Even with the greatest health insurance policy, an illness requiring some type of long term care assistance has the potential to impact a family’s life savings.

If you have ever experienced a loved one that has required some type of long term care assistance, you know that the costs can range anywhere from several hundred to several thousands of dollars. Long term care assistance can be anything from needing daily assistance at home or needing to permanently reside in an assisted living facility or nursing home.

Transamerica Living Benefits term life insurance coverage is a unique type of life insurance coverage, as it allows for the policy owner to access the policy’s death benefit for cash, in the event of a qualifying critical or chronic or illness.


How does a Transamerica Living Benefits Policy Work?

Transamerica Living Benefits is term life insurance that comes in fixed premium lengths up to 10, 15, 20, 25 or 30 years.  The Living Benefits life insurance coverage has no medical exam underwriting if applying for coverage amounts under $250,000.  The maximum amount of coverage that can be purchased is $2,000,000 with a medical exam provided by the life insurance company. A unique feature of Transamerica’s Living Benefits is the ability to access cash from the policy’s death benefit for a qualifying critical or chronic illness.

QUALIFYING CRITICAL ILLNESSES – Heart attack, stroke, cancer, end stage renal failure, major organ transplant, ALS, blindness, or paralysis of two or more limbs.     

QUALIFYING CHRONIC ILLNESSES – Are unable to perform two of the six activities of daily living to include bathing, continence, dressing, eating, toileting or transferring. A severe cognitive impairment that would require substantial supervision for care and safety would also qualify.


How Much Money can you get from the Living Benefits Life Insurance Policy?

If you have a qualifying critical or chronic illness you may elect to access cash from the policy. The amount of cash that you can elect to accelerate will depend on the severity of the illness which is broken down to into three categories of minor, moderate and major. The maximum amount that can be accelerated for a qualifying critical or chronic illness is 90% of the death benefit or $500,000.


Will you Require Some Type of Long Term Care Assistance?

It’s scary to think that many people will suffer from at least one critical or chronic illness in their lifetime. If you participate in social media, such as Facebook, it is likely that you have witnessed someone that has been affected by some type of critical or chronic illness. A Living Benefits life insurance policy can provide income to help with long term care assistance whether it’s due to loss of income from work, or due to pay for in home or out of home care.


Key Points for Living Benefits Life Insurance Coverage

  • If you accelerate a portion of your death benefit, the premium will be readjusted to the balance of the death benefit.
  • The money you received from your life insurance policy can be used any way you want.
  • If you choose to receive cash from your life insurance policy, you are not required to pay it back. Your death benefit is simply reduced to the remaining balance.


Living Benefits Life Insurance Quote

If you’re worried about the possibility of having the funds to pay for long term care assistance, explore the idea of purchasing a Transamerica Living Benefits life insurance policy.  Transamerica is one of very few life insurance companies that currently have this great feature available on term life insurance coverage. To receive a Transamerica Living Benefits life insurance quote, feel free to use the quote form located on this page or simply send us a message with the following:

Email or Telephone Number
State of Residency
Date of Birth
Any Health Issues
Term or Permanent
Amount of Coverage

[caldera_form id=”CF56d25fe76db63″]

Life Insurance with Long Term Care by Jeffrey Manola Top Quote Life Insurance

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email
Aetna Life Insurance Company Review of 2019

Aetna Life Insurance Company Review of 2019

Is Aetna a good option for life insurance?Only 62% of consumers have life insurance. Why?…
Foresters Life Insurance Company Review of 2019

Foresters Life Insurance Company Review of 2019

Foresters life insurance is one of the oldest life insurance companies you’ve never heard of.…
A Simple Guide to Understanding Cash Value Life Insurance

A Simple Guide to Understanding Cash Value Life...

Most people don’t like to think about their death. If you’re healthy and thriving, life…

Instant Quote

Get Instant Quotes Now