• 2-Minute Article
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  • Mar 15, 2019

4 Benefits of a Hybrid Life Insurance Policy with Long-Term Care Coverage

Learn how this type of insurance can help protect your family and you.

Middle-aged couple in the kitchen featured in an article about benefits of long term care life insurance

Long-term care statistics

A hybrid life insurance policy with a long-term care rider can protect your family while providing coverage if you have a long-term care need.

Benefits of Hybrid Policies:

1. Coverage options that fit your needs

A hybrid policy can provide benefits in two ways: life insurance coverage and long-term care coverage. If you need long-term care, you can use part of the policy’s death benefit to help pay for long-term care expenses related to everyday care, whether it’s hiring someone to help you get ready in the morning or paying for room and board in a nursing home.

2. Partial or full death benefit

If you don’t use the policy’s long-term care benefits, your loved ones will receive the death benefit in full when you pass away. Loved ones can still receive a portion if you use some of the benefits for long-term care.

3. Preserving retirement savings for other needs

If you need it, long-term care coverage is there within your policy. Having that coverage in place can help you better plan your retirement budget – if you need long-term care in the future, you won’t need to spend all or a significant portion of your income or savings on care costs.

4. Opportunity to select your premium schedule

You may pay up front for a hybrid life insurance policy or have the option of a payment plan. A “multi-pay” plan may allow you to pay for your policy over a set number of years. Once those payments are made, you make no other payments for the rest of your life.4

Learn more about hybrid life insurance policies with long-term care coverage, including how they may differ from traditional long-term care coverage. Your financial professional can help you determine whether a hybrid life insurance with long-term care policy is a good fit for your retirement plan.