Most people appreciate their freedom and independence, and want to maintain them for as long as possible.
However, an unexpected accident or illness can jeopardize those goals. Your health insurance policy won’t cover long-term care costs and government funding falls short, as well, with only limited financial support coming from Medicaid. Plus, in order to qualify for that support from Medicaid, you must deplete the vast majority of your assets. Are you financially prepared to cover the expenses of long-term care should you become ill or disabled, or need special medical treatment as you get older?
Adding Pekin Life Insurance Company’s Long Term Care Rider to your life insurance contract can help give you the additional financial protection you need. In the event you need long-term care, this rider can help pay qualified long-term care costs.
Pekin Life Insurance Company’s Long Term Care Rider is specially designed to help pay for long-term care expenses when there is a need for special care at adult day care centers, assisted living centers, nursing home facilities, or even at home by giving you access to your life insurance policy’s death benefit to help pay for these services. If you never do need long-term care, your policy’s death benefit remains in place for your beneficiaries.
HERE’S HOW IT WORKS.
Our Long Term Care Rider allows you to designate a portion of your insurance death benefit ($50,000, $100,000, or some other amount not to exceed your face amount or $350,000, (whichever is less) to serve as a pool of money to pay for long-term care expenses. Once you have incurred any qualifying long-term care expenses, we will reimburse your out-of-pocket costs up to a maximum payment of $17,500 per month, up to a total payout of $350,000.
By adding Pekin Life Insurance Company’s Long Term Care Rider to your life insurance contract, you can maintain your independence while you are living and, in the event you do not require long-term care, we can help protect your family and/or business after you are gone, providing money to cover final expenses, uncovered medical and nursing home costs, and estate taxes.