It’s like a money-back guarantee for your long- term care insurance policy.
A long-term care insurance policy can help you maintain your independence and stay at home longer should you need long-term care services. However, there is no way to know for certain if you will end up needing this type of care. If you are fortunate and don’t end up using your policy, your beneficiaries could receive the money you paid in premiums. That’s a win-win.
Will you need long-term care insurance?
The reality is that most people in the United States will eventually need some form of long-term care, whether that’s in a facility or at home. In fact, the U.S. Department of Health and Human Services says that at some point, about 60% of us will need help with things like getting dressed, driving to appointments or making meals.1
The cost of that kind of care continues to go up all the time, so if you’re in the majority of people who need care, you’ll almost certainly need help paying for it. Long-term care insurance helps you pay for that care so that you don’t have to spend your retirement savings on extended care. It also allows you to stay at home as long as possible while getting the care you need, and maintaining your independence.
What if you DON’T need long-term care?
One of the most common concerns consumers have when it comes to long-term care insurance is they may pay premiums for a policy without ever using the benefits. That is a legitimate concern and why we offer optional return of premium riders.
If you pass away while the policy is in force, your beneficiary receives the premium you’ve paid, minus any policy benefits you’ve received. It is really like a money back guarantee on your policy.
Having a long-term care insurance policy from Mutual of Omaha really is a win-win.
If you’re in the majority of people who end up needing care, your policy will help pay for that care and may also help relieve the financial burden your family members may feel. If you don’t need care, your beneficiary will receive the money you’ve paid in premium, minus benefits paid, based on the Return of Premium rider attached to your policy.
It’s a practical solution to the decision about whether to buy a long-term care insurance policy.
* The return of premium feature comes at an additional cost.
