The emergence of new long term care products in the industry is good news to people who are looking for alternative ways to pay for their expenses. Traditional long term care insurance will always be there but since the needs of people are also changing, they are also looking for a coverage that will perfectly suit their future needs. Some would still prefer to purchase the traditional insurance but there are others who have other concerns like those who will only require long term care for a short period of time. These people can look into hybrid policy, wherein you’ll invest in life insurance and you determine your benefits as long term care. This new crop of product allows you to receive long term care benefits and leave a certain amount of money to your beneficiary once the inevitable happens. Aside from combination products, interested individuals can also look into other hybrid products that you can find here: http://www.ltcoptions.com/learn-the-basics/how-can-you-pay-for-long-term-care/life-insurance/.
When it comes to long-term care coverage, advising risk-adverse clients has historically required a balancing act that many traditional long-term care insurance (LTCI) policies simply are not cut out for. In weighing the need for coverage against the risk of a lost investment, clients frequently decide against obtaining coverage.
Fortunately, changes in the long-term care marketplace have recently inspired a new crop of products that can alleviate some concerns of clients who are already feeling the pinch of a persistently low interest rate economy. While longer lifespans and the ever-increasing cost of care have led to dramatically higher LTCI costs, new asset-based products can allow your clients to obtain affordable coverage on an almost risk-free basis, with features and tax-preferences that will likely tip the scales in favor of coverage for even the most cautious of clients.
Read the analysis of Prof. William Byrnes and Robert Bloink at ThinkAdvisor !