Critical Illness Benefit & LTC Riders
Stand-alone long term care insurance carriers have left the market in droves due to poor forecasting of future costs and the high percentage of claims.
Life insurance companies have since picked up the void by offering hybrid life policies with Long Term Care and or Critical Illness Riders.
The few pure Long Term Care riders (like John Hancock) have a managed policy built into their life policy ensuring that protection is there when you need it.
Critical Illness riders, although beneficial, are NOT the same as Long Term Care riders and should not be mistaken as so. While many carriers have it built into their policy as a free benefit, the policyholder ends up paying for it on the back end in coverage and expenses.
See the chart below as provided by John Hancock, and contact us for all your options!
Remember, at Main Street Planning Group, WE’VE GOT YOU COVERED.