Long-Term Care Insurance Riders: 10 Years Paid or Premium Reduction at 65

Everyone is looking for ways to save money. You might think that when it comes to life insurance there’s simply no way to save – the thought of the financial calamity that would befall you should you be without critical insurance is just too much to contemplate. So you do need to be insured. The good news, however, is that you do have payment options that can reward you with savings over time. When it comes to long-term care insurance, for example, you can opt for a payment plan that lets you pay your entire insurance policy in 10 years, referred to as 10 years paid-up, or you can pay your lifetime amount up to the age of 65, and never have to pay another premium again.

10 Years Paid

If you opt for 10 years paid up, you’re going to pay off your long-term care insurance in a total of 10 years, and be done with it. The advantage to this 10 years paid up plan is that you won’t have to worry about your premiums going up. Your rate will be locked in. This can save you a considerable amount of money since many long-term care insurers can raise their premiums whenever they like. You could see your long-term care insurance premium rise by $100 a month, or even more.

Paying Till 65

If you pay the higher premium up to the age of 65 you’re almost doing the same thing. You’ll have paid a premium that’s fixed, albeit a high one, up until 65. Once you turn 65 your premium will be reduced, sometimes by a lot.

To learn more about long-term care insurance, 10 years paid up and premium reduction at 65, be sure to contact an expert who specializes in long-term care insurance. He or she can walk you through all your long-term care insurance options and determine which riders are best for your situation.