Long-Term Care Insurance
Protect your retirement assets from the unexpected costs of long-term care
At least 70% of people over 65 will need long term care services at some point.1 RiverSource® insurance offers two life insurance solutions to help with long-term care expenses. Both provide:
- Flexibility to use benefits either for long-term care expenses while living and/or as an income tax-free benefit to your loved ones after you are gone
- Benefit payments for home care services as well as assisted living, adult daycare and nursing home facilities
Two options to consider:
Universal life insurance with long-term care benefits
This type of protection includes an option to use the policy's benefit for income tax-free long-term care benefits and the policy's death benefit will be paid income tax-free to your beneficiaries if you do not need long-term care. For an additional cost there is also an option at the time of application to extend the long-term care benefits once all of the policy's death benefit has been used.
This product is ideal if you have assets to reallocate to pay a single premium and it gives you the option for greater long-term care benefits than a universal life insurance policy with a chronic care rider. In addition, if you change your mind or your situation changes you can get your money back.2
Universal life insurance with an optional chronic care rider
Another approach is to consider a permanent life insurance policy with a chronic care rider (for an additional cost). This gives you different choices for life insurance coverage along with the option to accelerate a portion of the death benefit to help pay for long-term care expenses should you become chronically ill.3
This option generally provides more emphasis on the life insurance benefit and allows more flexibility around the timing and amount of premium payments. It also provides an income tax-free death benefit to your loved ones after you are gone as well as the opportunity, depending on the life insurance product selected, to accumulate cash value in the policy tax deferred.