Life Insurance with Long Term Care

(Accurate rates in less than 2 minutes)

Using Life Insurance for Long Term Care Expenses
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

Table of Contents

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 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.

Ready to Compare Life Insurance Rates?

It’s free, fast and super simple.

Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

More Articles Written by Jeffrey Manola

Table of Contents

Bringing you the easiest way to compare and buy life insurance online
100% FREE

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574