Make the most of life insurance with these long-term care benefits.
When thinking about the future, you’ll encounter a few different insurance policies. While many of us opt for life insurance, others think about long-term care insurance. Both have their merits and cover different situations. Now, you must consider the third option of long-term care insurance combined with permanent life insurance. This hybrid policy can work for many of us.
The combination of long-term care/life insurance policy will pay for long-term care that regular health insurance or Medicare won’t cover. If you don’t use up all of the long-term care benefits, the insurer will pay a benefit to your beneficiary when you pass.
This asset-based policy works like this:
- Depending on the policy, you will pay one lump-sum premium or a few large annual premiums.
- The policy provides a pot of money for long-term care that is equal to several times your premium payments.
- The policy’s death benefit will be reduced according to how much of the long-term care benefit you use.
- In order to qualify for some combination policies, you may need to supply medical records and take a medical exam.
If you do decide to go for a combination policy, talk to your reliable agent. For more information on how to receive the right life insurance coverage for your future, contact the Bristol team at C.V. Mason Insurance Agency.