NY Life Insurance with a Long-Term Care Rider

NY Life Insurance with a Long-Term Care Rider

What if your life insurance could also help cover the cost of long-term care?

With the rising cost of assisted living, nursing homes, and in-home care, more people are turning to **life insurance policies with long-term care (LTC) riders** as a way to protect both their family and their financial future.

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### 💡 What Is a Long-Term Care Rider?

A **long-term care rider** is an optional benefit that can be added to certain life insurance policies. It allows you to **access part of your death benefit early** to pay for long-term care expenses, such as:

* In-home care
* Assisted living
* Nursing home services
* Adult day care

Instead of letting your policy sit unused while facing unexpected health costs, this rider helps your coverage **work for you while you’re still alive.**

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### ✅ Key Benefits of Life Insurance with an LTC Rider

#### 1. **Dual Protection**

* Provides a death benefit to your beneficiaries
* Also helps cover your long-term care costs if you need them

#### 2. **Tax-Advantaged Access**

* Accelerated benefits are typically **tax-free** if used for qualifying LTC expenses

#### 3. **Preserve Your Retirement Savings**

* Avoid depleting your 401(k), IRA, or investment accounts on care

#### 4. **No “Use It or Lose It”**

* Traditional LTC insurance can go unused; with an LTC rider, the benefit **either pays for care or goes to your loved ones**

#### 5. **Locked-In Premiums**

* Most policies offer **guaranteed level premiums**, so costs won’t increase as you age

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### ⚠️ Things to Consider

* Not all policies are created equal—compare **elimination periods, benefit limits, and rider costs**
* You may need to **qualify medically** to add the rider
* Accelerating benefits reduces the eventual **death benefit**

That’s why it’s important to work with a financial advisor who understands both **life insurance planning** and **retirement strategy. **

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### 📞 Should You Add a Long-Term Care Rider?

This type of hybrid coverage can be a **smart solution** if you:

* Want to avoid burdening your family with future care costs
* Don’t want to pay for a standalone LTC policy
* Want peace of mind that your plan covers more than just “what ifs”

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### 🎯 Let’s Customize a Plan That Works for You

Every family is different. At **Mintco Financial**, we’ll help you find a policy that fits your age, health, and goals—and explain your options in plain English.