Can you get your money back from long term care insurance?

A: No, there is no refund of premium to the family if benefits are not needed. However, if you need LTC during your lifetime, you can draw down on the death benefit to pay for those needs. Whatever remains after you pass away still goes to your beneficiaries.

What happens to unused long term care insurance?

With this type of policy, the premium does not get returned at death, but unused benefits go to the other spouse. If one spouse exhausts all their benefits, they can use the other partner’s policy benefits. However, if one spouse dies, 100\% of the unused benefits go to the survivor even though their premium disappears.

How do I cancel my TransAmerica long-term care insurance?

To cancel your TransAmerica Term Life Insurance: Call customer service on 800-797-2643. Provide the agent with your policy details. Ask them to cancel life insurance policy.

Can you cash out a long-term care policy?

You also could use a cash value life insurance policy to pay for long-term care. You can take a loan, withdraw cash or fully surrender the policy for the cash value. You could sell a permanent life policy to a life settlement broker for cash if you’re age 65 or older.

Does long term care insurance have a surrender value?

LTC tends to be fairly expensive, and should only be purchased if the policyholder has the ability to pay the annual premiums on the policy. In addition, a long-term care policy has no “surrender” value, meaning that if you never require long-term care, the money that you’ve put into the policy is gone.

Does long term care insurance pay out after death?

Please note: At the time of death, beneficiaries are not entitled to any Long Term Care Insurance policy or certificate’s remaining maximum balance, other than eligible care which has not yet been reviewed. Any remaining benefits that are due and owed for covered expenses are generally paid to the Insured’s Estate.