Riders for Long Term Care (LTC) Insurance Plans
Riders can significantly impact your retirement
These are several of the most popular Long Term Care Insurance rider options. Below are general and nonspecific definitions.
Shared Benefit Amount Rider
This rider allows access to a shared pool coverage once their individual coverage has become fully exhausted. In effect, this protects the couple from one of them having an unexpectedly long stay in a long term care facility.
Benefit Extension Rider
Offers an extension on the benefit period allowing the benefit to last for an increased amount of years. Depending on the company or type of rider this can include anything from a 4 year to lifetime extension.
Shortened Benefit Period Nonforfeiture Rider
The benefit is paid so long as the policy remains in force for a specified period and then lapses do to a failure to pay the policy premium. This continues until the total benefits paid reaches a pre specified limit. Typically calculated in comparison to the total premium payments or the benefit value.
Full Return of Premium Rider
Upon the death of the insured, assuming the policy remains in force, the total of all premiums paid by the policy owner will be paid to the beneficiary. For joint policies the second to die is the beneficiary of the returned premium.
Limited Return of Premium Rider
Upon the death of the insured, assuming the policy remains in force, a partial total of all premiums paid by the policy owner will be paid to the beneficiary. For joint policies the second to die is the beneficiary of the returned premium.
Waiver of Premium Rider
Premium payments are waived when the benefit payments start to be paid out.
Inflation Protection Rider (COLA)
This cost of living adjustment rider protects the benefit amount from being weakened by inflation overtime. These riders can operate in several different ways, both simple and compounding. Protecting your benefit from the inflation rate can help your benefit retain value and buying power over time.
Other less common riders do exist and if you'd like a better idea of how Long Term Care Insurance can be tailored to fit your needs as an individual please click below to schedule a complementary consultation with with Michael Romanello, PRO Financial Network's Chief Planner.
Retire Worry Free
Long Term Care Insurance Resources
Contact our Office
9:00am - 5:00pm EST
or contact us via email
Schedule a time to speak
about your needs
Business OwnerAsset Protection Business succession planning Executive bonus plans Key man insurance Buy sell agreements Business planning Investments Review Tax Analysis Legal Document Review Owner & Business synergy Liability Insurance Strategies Life Insurance Strategies Estate Planning Budget Review
PhysicianDiscounts on Disability Insurance Tax analysis/planning Student loan debt strategy Employment contract review Budget review Investments review Asset protection Legal document review Trust review and counseling Estate planning Employee benefit review purchase of practive assistance Liability insurance strategies
Resident/Student PhysicianDiscounted Disability Insurance Tax planning Student loan debt strategy Employment contract review Employee benefit review Life insurance strategies Liability Insurance strategies Asset protection Tax analysis Budget review Investments review Estate planning We have guided hundreds of residents and doctors and understand your unique challenges
Working ProfessionalAsset protection Estate planning Liability Insurance Strategies Legal document review Tax analysis Budget review Investments review Emloyee benefit reviews Life Insurance strategies