Long-Term Care Insurance Riders: Nonforfeiture

Posted in Life Insurance

September 17th, 2009

When people buy long-term care insurance to pay for their daily help needs, they may also decide to buy the supplemental nonforfeiture rider. The nonforfeiture rider will allow you to get back all or some of the premiums you paid for your long-term care insurance if you default on your monthly payments or are unable to continue payments, causing your policy rights to be forfeited. This nonforfeiture rider almost always comes with significant restrictions, such as time frames for eligibility and other stipulations. It also adds a lot more cost to your long-term care policy.

Long-Term Care Basics

Long-term care insurance is exactly what it sounds like: insurance that will cover your needs should you need long-term care, whether you’ve become elderly and infirm, or whether you’re young and healthy but are recovering from bad injuries incurred during a car accident. If you’re dependent then you need help. If you’re not getting it from friends or family members, you have to pay for it, which can be incredibly expensive.

To learn more about long-term care insurance, the nonforfeiture rider and other long-term care insurance riders, be sure to speak to an insurance expert who specializes in this field. He or she can help you craft a plan based upon your specific needs.