To those who are looking for an alternative to long term care insurance, you can look into combination products or hybrid policies now. As stated in http://www.ltcoptions.com/learn-the-basics/how-can-you-pay-for-long-term-care/life-insurance/combination-lifelong-term-care-products/, this type of of policy perfectly suits those who are not satisfied with the traditional long term care insurance. The new insurance product works this way. You purchase a life insurance and choose long term care benefit as your rider. Once you’ve become eligible for long term care benefits, the amount you filed for claim will be deducted to your death benefit. When the inevitable happens and death comes, the remaining amount in your policy will be given to your beneficiary.
This combination product has been in the business for 2 years only and it’s already growing popularity at a very rapid rate. Well, it doesn’t come as a surprise anymore because this type of insurance is very efficient and economical. Just by purchasing one insurance, you can already get long term care and death benefit. If you’re still exploring your options, this is worth checking out.
Yes, you read that right! The life insurance industry has put together these two products. One major reason why many people (including me) never bought a long-term care insurance policy is that, if you never use the policy, you lose all the money that you invested in it. Can you afford to throw your money away?
Another reason is that, with a stand-alone Long-Term Care policy, the premiums can increase at any time – for any reason. Doesn’t quite give you that “warm and fuzzy,” does it?
Well, the Life Insurance and Long-Term Care policy addresses those and other concerns. For instance, if you pass away never having used the Long-Term Care part of the policy, that’s where the Life Insurance kicks in, and your family receives the tax-free death benefit. In my world, this is what we call “cost recovery.” Also, once you’ve been approved, your premiums remain the…
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