Using Life Insurance to Pay for Long-Term Care
Financing long-term healthcare is a widely recognized and growing problem for aging military servicemembers and Veterans. In most cases, an individual or their family must pay for long-term care out of pocket—a cost many may not be able to afford.
Fortunately, AAFMAA’s whole life insurance policies provide financial support to cover long-term care expenses through an accelerated death benefit.
What is an accelerated death benefit?
An accelerated death benefit is a life insurance provision that allows the insured to receive an early payout while they are still living. This benefit is commonly used to cover expenses related to terminal illness or disabling conditions that impact quality of life and/or life expectancy.
Learn more about how to activate the Long-Term Care Settlement Option to help cover the costs of long-term care. Call to speak with an AAFMAA Policy Services representative.