Life Insurance with Accelerated Benefit Riders (ABR) for either Long Term Care (LTC) or Chronic Illness (CI) is the fastest growing concept in extended health care coverage. Advisors and clients alike favor this hybrid concept because it provides extended care benefits equal to 100% of the death benefit if needed, but passes the death benefit to beneficiaries income tax free if there is no need for care prior to death. A major reason for its popularity is the ability to fund it by simply exchanging old Life Insurance plans for new with these added benefits. CPS Horizon can evaluate your existing Life Insurance and determine if such an exchange is right for your client.
Check out these helpful articles to dive deeper into Accelerated Benefits!
- Will you be ready for a LTC need?
- John Hancock LTC Rider Eligibility
- Reimbursement or Indemnity?
- Lincoln Care Coverage ABR
- Mutual of Omaha LTC Rider
- Nationwide CareMatters
- Protective ExtendCare