An Affordable Solution for Your Long-Term Care Needs
You spend your entire life working hard to build up your assets and savings so you can secure a comfortable future for you and your family. A chronic illness could cause you to spend those assets much more quickly than you ever expected. Fortunately, there is an affordable solution that can help you reduce out-of-pocket expenses and ease the burden and financial strain on you and your family: A Chronic Illness Accelerated Benefit (CIAB) Rider.
What is a Chronic Illness Accelerated Benefit Rider?
A CIAB Rider is combined with your permanent life insurance policy to serve as an additional safety net in the unfortunate event of a chronic illness. Some of the policy benefits include:
- No waiting period
- A lower reduction in the death benefit and cash value when the rider is exercised
- There is no impact to policy premiums or values unless the benefit is exercised
- No additional fees will be charged for exercising the rider
- Any unused portion goes directly to your beneficiaries
Get the facts:
- The average age of individuals filing for bankruptcy due to medical costs was 44.9 years old.
- Nearly 70% of people turning age 65 can expect to use some form of long-term care during their lives.
- The average cost for a semi-private room in a nursing home in northeastern New York is $117,672 annually.
- One third of family caregivers spend more than 30 hours per week on caring for a loved one making it almost the equivalent of a full-time job.
How can a Chronic Illness Accelerated Benefit Rider help?
In addition to providing peace of mind and better control of your assets, this policy can provide you with extra resources to help cover:
- Medical expenses not paid by health insurance
- Home renovations or equipment
- Household help or home caregiver expenses
- Nursing home fees
Get Started Today
Our Certified Estate Planner and Long-Term Care Specialist, Sheila Cervera, is available at no cost to assist you with your long-term care planning needs. As a specialist in asset protection and long-term care insurance, she can evaluate your unique situation and help you navigate through your planning process.
Call Sheila today at 888-250-6689 x2026 to request an appointment.
(NerdWallet Health Analysis, 2013)
(US Department of Health and Human Services, 2014)
(Caring.com survey, 2014)