Long Term Care (LTC) refers to the variety of services and support people may need when they cannot perform basic daily activities, like eating, bathing, or dressing, usually due to aging, illness, or disability. LTC services can include in-home care, assisted living facilities, and nursing homes, designed to provide help to those who need it. Understanding LTC is essential for planning your future, as it can significantly affect your finances and quality of life.
Many people underestimate the potential need for long-term care as they age, but having a plan in place can be very beneficial. Some life insurance policies offer LTC riders, which allow you to access a portion of your death benefit to pay for these services if needed. This option can provide peace of mind, knowing that you and your family will have support in case long-term care becomes necessary.