Consumers are starting to see long-term care products and life insurance together. It is less expensive than the older products that guaranteed monthly payments .
How does it work? People will tap into the benefit to pay for care thru their life insurance policies.
The long term care part of the Life Insurance is less expensive than traditional long term care policies, whose sticker price has often shocked consumers.
They are not as deep as the traditional long term care policies of years ago. These days, the policies that many companies and brokers are selling tend to be some combination of long-term care and life insurance. They seem simple to understand: There’s a death benefit, but if you need long-term care you can draw down against that benefit to a limit.
Typically, these are life insurance policies that come with a rider.
With so many options, the good news is you may not need to give up one type of insurance for the other.