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Nurse caring for elderly patientSome insurance companies now offer a combination of long-term care insurance and life insurance. Could this be right for you? As people continue to live longer, the need for advanced and long-term medical care is growing. Having a comprehensive policy to help pay for this can be beneficial. For many, this combination works well. Yet, there are a few things to consider.

How Does It Work?

A combination life insurance policy and long-term care policy can usually help pay for coverage that your typical health insurance policy does not cover. This often includes things Medicare does not cover. Even if you have a sizable retirement plan in place, medical care is very expensive. With long-term care insurance, you may be able to reduce this challenge to ensure you meet financial goals.

Keep in mind the type of coverage and amount of coverage differ from one provider to the next. Read the details of any long-term care policy. Take time to understand what it specifically covers and how well that matches your needs.

Asset-Based Policies

One combination of life and long-term health insurance, called asset-based policies, can be beneficial to many people. Most often, this policy requires individuals to make a lump-sum payment to put the plan in place. In some cases, a few annual premiums – larger than what you may pay for typical life insurance – also apply. 

This creates a significant pot of money. This serves as the base for your policy. Generally, this amount is equal to several times the amount of your premium payments.

In some policies, the life insurance death benefit is lower. This means less money is available for your loved ones at the time of your death. However, some policies guarantee a specific amount to be available. The key is to determine if your loved ones need those funds or if they are a benefit to you during your lifetime. Cashing in on a policy early might not prove financially prudent.

Qualifying for this type of life insurance can be difficult in some situations. Your goal should be to choose a policy that meets your goals as soon as you can.

Doing this early in life often reduces the risks long term. Costs generally rise as you get older. Work with your California insurance agent to determine if this is the right option for your needs. And, then, choose a policy reflective of your goals.

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