Should you take the Non forfeiture Benefit for Long term care policies?

The Non-forfeiture benefit is an important feature to consider when purchasing a long-term care insurance policy. Whether or not you should take the benefit depends on your individual circumstances.

The Non-forfeiture benefit can be seen as a type of insurance for your long-term care insurance policy, protecting you from losing all of your premiums during the life of the policy. With this benefit, if you cancel the policy, you'll have the option of receiving a certain percentage of your premiums paid, typically 50-100% of the total premiums.

Here are some factors to consider when deciding whether to add the Non-forfeiture benefit:

1. Your financial situation: If you are concerned about the potential cost of long-term care and whether you can afford to pay the premiums for the policy, then adding the Non-forfeiture benefit can provide peace of mind, knowing that you will be able to get back some of your premiums if you decide to cancel the policy.

2. Your health: If you are in good health and not at high risk of needing long-term care, then you may not need the Non-forfeiture benefit. You can save money by skipping this benefit and using it towards the premiums for long-term care insurance.

3. Your plans for the future: If you have plans to move or change your circumstances, such as getting married or having a child, it might be better to take the Non-forfeiture benefit. It will protect you if you need to cancel or change your policy due to unforeseen circumstances.

4. The cost of the benefit: The cost of the Non-forfeiture benefit will be added to your premium payments, so it's important to understand how much it will increase the overall cost of the policy. Make sure to weigh this additional cost against the potential benefits of having the option of getting a refund of your premiums if you cancel the policy.

Ultimately, the decision to take the Non-forfeiture benefit is a personal one. If you're still unsure, consider talking to a financial advisor or insurance professional who can help you assess your unique circumstances and make the right decision for your needs.