What are some of the main differences between a Long Term Care Rider and a Chronic Illness Rider?
Well the differences are significant! Benefits can differ significantly across policies, so be sure to read the fine print on what the rider covers before you purchase a policy. Below I just list couple of the main differences but there are many more differences and you should consult your insurance agent for all of them, or at the very least research on your own before purchasing a policy.
Generally a Long Term Care Rider gives broader coverage and benefits are available when an insured is diagnosed with an illness, or suffers from an accident, that requires substantial assistance with at least two ADLs for at least 90 days. Benefits for one or more Long Term Care events are available throughout the insured’s lifetime, and all under the same rider.
Generally a Chronic Illness is defined as a one time permanent situation and is more restrictive. In other words, the condition must be non-recoverable! For example, conditions such as mild to moderate strokes, orthopedic repairs, physical complications from cancer recovery, and other recoverable conditions, etc. would not be eligible to go on claim.
Certified by a physician, the chronically ill individual has a severe cognitive impairment or requires substantial assistance with at least two activities of daily living (ADLs) for the rest of their lifetime. ADLs include bathing, continence, dressing, eating, transferring, and toileting.
Summary: All riders are not created equal, so do your research and understand all the differences before purchasing!
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.
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