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Home > Blog > Can Your Life Insurance Pay for Your Long-Term Care?
MONDAY, NOVEMBER 8, 2021

Can Your Life Insurance Pay for Your Long-Term Care?

Due to advances in the medical field, many Americans are living much longer than they did just a few years ago. With a longer life expectancy, long-term care sometimes becomes more of a priority than life insurance. So, what happens when you’ve invested in life insurance, but you need long-term care now? Depending on your insurance policy, you may be able to use your life insurance to pay for your long-term care. 

Using Your Accelerated Death Benefit family of 4 smiling at camera
One popular feature found in many whole life insurance policies is the accelerated death benefit (ADB). The accelerated death benefit lets policy owners use their death benefit while they are alive if they have a qualifying event. Some ways you can use your life insurance to pay for your long-term care include the following: 

  • You have a terminal illness 

  • You require long-term care 

  • You have a life-threatening illness 

  • You are required to stay in a nursing home 


Each situation may trigger your ADB. In order to take advantage of this feature, you must contact your insurance agent to discuss your options. 

Sell Your Life Insurance 

Another way you can get money to pay for your long-term care insurance is by selling your life insurance policy. Start by contacting your life insurance provider to see if they are willing to purchase the policy from you. If they are not, there are legitimate companies that purchase life insurance policies. Each company you approach will offer you a different settlement, so it’s important that you shop around to get the best rate for your policy. 

Purchase a Life Insurance Policy that Pays for Your Long-Term Care 
Many insurance providers recognize that many people have to choose between long-term care insurance and life insurance. In an effort to provide their customers more diversified products, insurance providers have developed a life insurance policy that also helps customers cover the costs of long-term care. With this product, you don’t have to choose between life insurance or long-term care since the odds are you may need both. 

Before you determine the best option for you, you should speak to your insurance agent to determine what options are available. You may be surprised to find that your life insurance policy covers your long-term care. 

Prepare for your future. Call Nexus Point Advisors LLC for more information on Locust Valley life insurance. 
Posted 2:41 PM

Tags: life insurance
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Nexus Point Advisors LLC
68 South Service Rd
Suite 100

Melville, NY 11747 
844-673-8439
Insurance Representative of Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 011110001, and its affiliated US insurance companies. Registered Representative of and securities and investment advisory services offered through MML Investors Services, LLC, Member SIPC and a MassMutual subsidiary, 6800 Jericho Turnpike, Suite 202W, Syosset, NY 11791, Tel: (516) 364-4203. Nexus Point Advisory LLC is not a subsidiary or affiliate of MML Investor Services, LL:C or its affiliated companies. Edgar Montenegro is a registered representatives of and offer securities, investment advisory, and financial planning services through MML Investors Services, LLC., Member SIPC (www.sipc.org) (6800 Jericho Tpke, St 202W, Syosset, NY 11791) 516-364-4203 www.SIPC.org
 

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