With life expectancy rising, the risk of becoming dependent as we get older is also increasing. No one wants to leave their home and live in a long-term care facility to fulfill everyday activities.
This coverage pays a monthly benefit to the insured who can no longer handle at least two facets of day-to-day life: eating, bathing, getting dressed, moving around, going to the bathroom or who suffers from incontinence.
This additional income lets the insured stay at home and pay all care-related expenses, such as home nursing, equipment purchases, expenses for home adaptation (inside and outside the home), etc.
Purchasing long-term care coverage with a rider to refund premiums at death is another solution that could help a client take care of hsi parents. With this insurance, the beneficiary is refunded for all premiums paid when the insured dies, less any claims paid, as applicable.
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