If you recognize the need to purchase life insurance to protect your family, but you also feel it’s important to protect your independence and your assets while you’re alive - you should consider linking your life insurance with long term care benefits.
Standalone long term care policies are becoming increasingly unaffordable. Rates continue to rise and we’re seeing a trend of insurers discontinuing their standalone long term care plans.
HOWEVER, some life insurance companies have combined life insurance and long term care into one “linked” product. This makes having long term coverage VERY affordable.
Here are some of the benefits of using one of these linked life insurance and long term care policies:
Your life insurance death benefit is also available for long term care expenses.
You can use all, some or none of the death benefit for long term care. The benefit not used for long term care expenses, will be paid to your heirs.
You WILL use the benefits
Regardless of what happens in your life, this policy will pay out. When paying for a standalone long term care policy, you run the risk of not using the policy.
There are several carriers on the market who provide these long term care options with their life insurance: John Hancock, Lincoln and Hartford are a few, but one carrier stands out from the rest: Nationwide.
Hands down, Nationwide has the best long term care rider and rates. Comparing all these companies will take a whole other article. We have nothing against the other carriers, in fact we offer all of them - but Nationwide has separated themselves from the pack. Click here for an in depth look at this rider.
For more information about linking your life insurance with long term care, quotes or to request brochures, please don't hesitate to contact us. You'll find that when it comes to educating our clients, we take the time to make sure you understand everything!