Over the last several years, Long Term Care Insurance has improved its benefits and features. The long term care insurance of yesteryear was really a plain vanilla insurance product. As nursing home costs accelerated at a blazing pace, long term care insurance had to adapt.
As the long term care insurance industry made its changes, so has Term Insurance. One ubiquitous rider that has become popular with both long term care insurance and term insurance is the return of premium, or ROP rider. This simple rider allows for the return of premium if the insurance is not utilized. This can be rather reassuring for those individuals whom feel like their premium dollars are wasted if they don't end up needing the insurance.
Many long term care policy owners feel they'll never need their insurance, but are smart enough to prepare for the worst. Fore these individuals, they get the best of both worlds; protection and return of investment should they not need the coverage. This answers the largest complaint with the individual long term care insurance buyers.
On the other side of the fence, term insurance offers a similar product that will return premiums if the client doesn't decease. This is popular because term insurance is really just temporary insurance, unlike whole life insurance. So, this feature provides the affordability of term insurance, with safety net.
These great benefits do come at a cost, however. Nothing in life is free, and this is no exception. You'll pay substantially more for these types of riders. In the case of term insurance it can often be at about 50% more premium. So, before purchasing it's important to weigh these benefits to see if they're worth paying for. For some, it's worth it, for others they may just want a bare bones term insurance or long term insurance policy.
You can find many more insurance issues covered at The Money Alert website. One of their latest Renters Insurance articles is quite helpful for those seeking renters insurance. Feel free to visit the website to learn more about renters insurance and all things financial.
Tags: Long Term Care Insurance, Term Insurance, Renters Insurance