Term Life Insurance Vs. Long-Term Care Insurance
Term life insurance and long-term care insurance are two different types of insurance. Term life insurance pays when the insured dies. Long-term care insurance pays as the insured recovers.
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Basic Insurance
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Term life insurance is a basic life insurance that pays a death benefit if the insured dies during a specified number of years. Common lengths of coverage are five, 10 or 15 years.
Level or Decreasing
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Level term life insurance pays a predetermined amount upon death. Decreasing term life insurance death benefit amount decreases over the length of the policy.
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Renewability
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Term life policies with a renewable provision can be renewed. Premiums increase with each renewal due to the insured's advancing age.
Long-Term Care
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Long-term care insurance pays for expenses incurred by recovery from an injury or illness and must be purchased before the insured is injured or ill.
Typical Coverage
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Long-term care insurance will typically cover nursing home care, home-based care, and adult day care. There are many different long-term care insurance policies available to choose from that can be adapted to suit the insured's specific needs.
Optional Riders
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Long-term care insurance is often offered with optional riders, which can include hospice care, ambulance service costs, home modifications and caregiver training.
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