Long Term Care Insurance Using A Life Insurance Policy

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long term care using a life insurance policyIf 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. 

long term care using life insuranceThere 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!

About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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1 Comment

Jeff, Thanks for the informative post. you are correct that standalone LTC insurance policies are becoming more expensive, and for some purchasers a hybrid long term care/life insurance policy might make sense. There is a difference, however, between a linked benefit life insurance policy that significantly enhances the total benefits if long term care is needed, and a life insurance policy that simply accelerates the death benefit prematurely if the insured is care-dependent.

Jack Lenenberg, J.D.

November 29, 2011 at 12:10 pm
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