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

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.

The Two Main Benefits of Hybrid Policies Are:

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 full room and board in a nursing home.

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 still get a portion if you use some of the benefits.

Other Benefits Are:

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.

You may fully pay for a hybrid life insurance policy up front or have the option of a payment plan. These “multi-pay” plans 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.³

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