What effect does a Long-Term Care Rider have on a life insurance policy?

A Long-Term Care Rider allows policyholders to access a portion of their death benefits while they are still living, specifically to cover expenses related to long-term care. This rider is designed to provide financial assistance for care services when the insured is unable to perform certain daily activities, such as bathing, dressing, or eating, often due to aging, illness, or disability. By using this rider, individuals can tap into the death benefit of their life insurance policy to help pay for long-term care services, thus reducing financial burdens during a potentially costly and challenging time.

The ability to use the death benefit while still alive helps ensure that individuals have the resources they need for care without completely relying on out-of-pocket payments or other financial means. This feature makes the Long-Term Care Rider particularly valuable for policyholders who want to prepare for future health care needs while still preserving their life insurance benefits for beneficiaries.

While increasing the policy premium, eliminating the need for a death benefit, or providing a double death benefit may be related to different aspects of life insurance policies, they do not accurately describe the primary function and benefit of a Long-Term Care Rider, which focuses specifically on accessing death benefits for care expenses while the insured is living.