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5 Ways Life Insurance Can Help Pay for Chronic Illness Needs

Key Takeaways

70% of people will need chronic illness care after age 65.^*
Along with the death benefit, some life insurance policies can help you while you’re living.
Certain “living benefits” can help pay for anything from medical care to travel.

The good news is, when looking for life insurance policies, you can find one that offers a death benefit along with a chronic illness rider. That means you have flexibility to accelerate the death benefit if you get a chronic illness. This option can help relieve the potential financial stress and burden on your loved ones.

What can a chronic illness benefit pay for?

You can use the money for any purpose, including:

How to get started

Work with a financial professional to see how life insurance with a chronic illness benefit can protect you and your loved ones.

Any accelerated benefits received will reduce and may deplete the death benefit available for the policy’s beneficiaries. These living benefits are typically available for an additional charge and are subject to underwriting approval.
Life insurance policies with living benefits are issued by Pruco Life Insurance Company, except in New York, where they are issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located in Newark, NJ, and both are solely responsible for their own financial condition and contractual obligations.

Footnotes

^*U.S. Department of Health and Human Services, LongTermCare.gov site

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