Planning for the Unexpected: How Life Insurance Can Help With Future Caregiving Costs
August 7, 2025
When Melissa bought life insurance at age 42, she added a living benefits rider — never expecting she’d need to use it so soon. But when she was diagnosed with breast cancer at 48, she was able to access the cash needed to replace lost income and help pay for medical expenses while recovering, all without draining her savings.
Just imagine the emotional and financial burdens that come from unexpected injuries, illnesses, and caregiving needs. Luckily, life insurance helps to cover these kinds of future medical expenses. By planning ahead and adding a living benefits rider to your policy, you build a reliable safety net for yourself and your loved ones.
What Are Living Benefits and How Do They Work?
A living benefits rider is an add-on to your life insurance policy. It lets you access some of the benefits while you are still living if certain medical conditions are met.
At 1891 Financial Life, some of those qualifying medical circumstances include a terminal illness (death expected within 12 months), a chronic illness (difficulty with normal activities of daily living), or a disease specified in the rider. Depending on the medical condition, you’ll be able to access anywhere from 10% to 40% of your policy, to a maximum of $250,000.
Although a living benefits rider is not the same as long-term care insurance, it is a flexible, accessible source of emergency funds that can help you when you need it most.
Why Planning Now Can Reduce Stress Later
As caregiving and health care costs continue to soar — especially for aging adults — it’s wise to think ahead and protect yourself should the unexpected happen.
Knowing you can care for yourself in the event of an emergency medical situation will bring peace of mind. The right policy will let you access funds to help pay for home health aides, medical bills, and time off for family caregivers — who are often balancing careers with home life.
Even if old age feels far away right now, it’s essential to start laying your financial foundation early. The younger and healthier you are, the lower your premiums will be. Also, starting early will maximize the policy’s cash growth potential.
How To Decide If a Living Benefits Rider Is Right for You
If you’re concerned about future medical expenses and interested in accessing your life insurance policy while you’re still living, a living benefits rider may be the right choice. Other considerations include whether you’re nearing midlife and worried about future family caregiving responsibilities.
Speak with a 1891 Financial Life agent today to learn more about our life insurance options and to find out which policies include the rider automatically.
Prepare Now for Peace of Mind Later
Everyone wants to safeguard their finances — and purchasing life insurance with living benefits is a proactive, compassionate way to shield yourself from a future health crisis. As a complement to long-term care insurance, life insurance will help you manage and support future caregiving costs in the event your health deteriorates.
At 1891 Financial Life, we specialize in providing tailored insurance solutions that cater to diverse needs. Our team is equipped to help you navigate these challenges with expertise and compassion. Contact your 1891 agent today for personalized assistance and to learn about life insurance options that include living benefits — because protecting your future means preparing today.
About 1891 Financial Life
Our culture is about looking out for you, for others, for family, for the community. That is how we go “Beyond Life Insurance.”
At 1891 Financial Life, we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. In 2023, 1891 Financial Life was listed by Forbes as one of “The World’s Best Life Insurance Companies.”
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.