By adding a long-term care rider to a Nationwide life insurance policy, you accelerate the death benefit to pay for long-term care. Benefits can be used for home health care, assisted living, a nursing home, adult day care or other qualifying services.
After paying for long-term care costs, you can use the excess funds any way you wish.
How does a long-term care rider work?
You select the long-term care amount when you buy your policy. Benefits are paid income tax-free after qualifying requirements are met.
If you never need long-term care, your beneficiaries will receive an income tax-free death benefit as long as your policy remains in force. If you do need long-term care, your beneficiaries will still receive the greater amount (less any policy debts) between:
- Any unused long-term care benefits OR
- 10% of the base policy’s specified amount (thanks to the guaranteed minimum death benefit)
For specific details, please refer to the product prospectus.