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Life insurance can also address incapacity issues

Shopping for life insurance is something that Ohio residents do to ensure that their loved ones are taken care of after they are gone. What many do not know is that there are life insurance options that can benefit an individual during his or her lifetime as well as provide benefits to loved ones when the time comes. If an individual is challenged with incapacity, having this coverage can make a world of difference in how care will be provided.

Many people will eventually need long-term care, some due to a sudden illness or injury and others due to the realities of aging. There are life insurance policies that contain a long-term care rider. This means that in the event the owner of the policy requires such care, the death benefit of the policy can be accelerated. That can give the family the ability to pay for part or all of the cost of residential care.

If the owner of the policy does not require long-term care, then the insurance acts as a normal life insurance policy. At the time of the holder's death, the benefit will be paid to the designated beneficiaries. That makes these policies far more attractive than a stand-alone long-term care option.

For those in Ohio who are considering their long-term care planning needs, it might be worthwhile to look into life insurance options that include a long-term care rider. Many people shy away from purchasing long-term care coverage due to the fact that the value of such a policy is lost if there is no need for residential care based on age or incapacity. A life insurance policy that also provides long-term care benefits might seem like a better value for the investment.

Source:, "Integrating Life Insurance Into Estate Planning", May 6, 2016

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