- 2-Minute Article
- 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.
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.