Long term care insurance blended products, what are they? For many years the most common way of protecting against long term care was to purchase long term care insurance.
Often we hear from clients is “What if I die and don’t need care? I just wasted all the money in long term care insurance premiums!” You may be lucky if you have great day, go to bed and don’t wake up, but unfortunately, most people will need long term care before they pass away.
You Have New Options for Long Term Care Coverage
Some of these options may be considerations for your personal needs, and we’d be glad to chat with you about what is right for you.
• There are new products available in the life insurance sector, some have a long term care rider that provides coverage if you need long term care.
• You can also consider taking part of your Death Benefit early to pay for long term care. Some policies will have riders that will continue the long term care benefit even after the death benefit is gone. These products will pay a Death Benefit if you die without needing care or if you did not use the whole Long Term Care Benefit.
These plans sound good but many are funded with a lump sum initial payment. The lump sum may be large enough that it is cost prohibitive to buy into. Some plans allow you to pay over a ten year period.
The Long Term Care Benefit is usually a percentage of the Death Benefit. If may not be as much of a monthly benefit as you could get from standard Long Term Care Insurance.
Confused? We Are Long Term Care Insurance Experts
Please allow us to inform and guide you. We can make it easy to understand your options and present choices to you for consideration. Contact us today to schedule a free, no obligation appointment.