The cost of long-term care is skyrocketing, and even a short stay in skilled nursing or assisted living facility can quickly drain your savings. A growing number of people are turning to long term care coverage for protection, but it can be very costly. Plus, some folks feel like it is money spent in vain if they don’t ever need long term care. Research shows that policies offering a combination of life and longterm care coverage may offer an ideal solution.
What Does Combination Life and Care Insurance Cover?
As its name implies, this type of policy offers two main coverages: permanent life and long-term care insurance. There will always be a permanent (whole or universal) life insurance policy as the main component. Depending on your specific policy, LTC coverage may include a combination of in-home care, case management and assisted or skilled nursing facilities.
What Are the Benefits of a Hybrid Policy?
One of the biggest benefits of adding an LTC rider to your life policy is in the cost savings. The combined premium is generally substantially less than if you bought each one separately. There is also the fact that, if you don’t use long-term care benefits, or you only require minimal reimbursement for them, then your death benefit will provide for your family.
The cost of long term care is rising rapidly, putting quality care out of reach of many people. Combination LTC and life policies offer coverages you are guaranteed to use at affordable rates.