Compare Life Insurance Companies That Offer Hybrid Life Insurance With Long-Term Care Policies (2022)

How can you find life insurance companies that offer hybrid life insurance with long-term care policies? It turns out, many of the top life insurance companies will provide hybrid life insurance with long-term care coverage. Whether you use the coverage or not will depend on the future.

Are you looking for quotes for life insurance companies that offer hybrid life insurance with long-term care policies? Enter your ZIP code into our free quote tool to see what you could pay for a policy.

What life insurance companies offer life insurance with long-term care coverage?

Can a nursing home take my life insurance policy? As you get older, there’s no telling what kind of care you’ll receive. Unfortunately, you can’t always count on family to have the availability to care for your needs, so you may need to turn to outside support from a private company.

According to Forbes, a long-term care hybrid life insurance policy can serve as an excellent opportunity to get help paying for help while also giving a death benefit when the insured person dies. This can get expensive, however, and you’ll need a way to pay for the care.

Some of the top life insurance companies that offer hybrid life insurance with long term care include:

• Fidelity
• Transamerica
• Mutual of Omaha
• Northwestern Mutual

These insurance companies will help pay for your long-term care when you’ve shown an inability to perform daily activities, such as bathing and moving around the house.

What is the cost of long-term care?

The average monthly cost of long-term care is around $1,600, which comes out to just under $20,000 for a year of daily health care services. Unless your loved one is near death, you can imagine how these costs will quickly add up.

On the other hand, an assisted living facility can cost over $4,300 a month, reaching $50,000 a year. A nursing home can also cost thousands of dollars more, adding up to unmanageable costs for most of the population.

Can Medicare pay for my elder care?

According to the Medicare.gov site, you’ll be held 100% accountable for most long-term care services. In addition, some Medicare Advantage plans may help you pay for your life insurance premiums. But, even then, you may find that the costs are still more than you can afford.

How can a hybrid life insurance policy help pay for long-term care?

For hybrid insurance to pay for your long-term care or modifications to your home to help you, you must show an inability to do two out of five actions that show the quality of life. These include:

• Bathing
• Dressing
• Eating
• Using the toilet
• Moving from chair/bed

This also extends to cognitive impairment that can make the above actions harder. If you cannot take care of yourself in a couple of the above areas, you can qualify to get additional help paying for any assistance you need.

Hybrid life insurance won’t just help you move to an assisted living facility. However, if the insurer can make modifications to your home that will help you, you can quickly get that instead of moving to a new place.

What are the best hybrid life insurance long-term care policies?

There are a few types of hybrid life insurance policies that offer long-term care. If you need life insurance that bundles with long-term care, you should also look at:

• Linked benefit – This policy relates your life insurance to long-term care insurance, usually providing coverage up to five times what the premium is.
• Long-term care rider – With this life insurance rider, you can get some insurance coverage, but it works more as a just-in-case option.
• Chronic illness rider – You can accelerate the death benefit and get a portion sooner if you end up getting a debilitating illness.

According to surveys, 84% of long-term care costs were paid for with a linked benefit, while 16% came from standalone long-term care coverage.

How does hybrid life insurance work?

Hybrid life insurance works by pairing your life insurance with long-term care insurance to save you money. Your policy may be geared more towards the life insurance or long-term care aspect, so it’s important to discuss your needs with your insurer.

What does hybrid life insurance cost?

How much your hybrid life insurance costs will depend on a variety of factors, including:

• Type of life insurance
• Long term care coverage amount
• Death benefit

For example, an average 55-year-old couple would pay around $5,532 a year for a linked benefit that offers a $150,000 death benefit and $330,000 in long-term care coverage. This comes out to about $462 a month but is much cheaper the sooner you apply.

What should I look out for at the worst long-term care insurance companies?

As with any life insurance policy, you should consider how the policy will impact your life. However, in this case, you may want to consider how it won’t be affected by the policy.

For instance, if you know that no one in your family has a history of disabilities or chronic illness, you may not benefit from a hybrid policy. Furthermore, you’re likely to get less impact out of what you spend each month in premiums.

What are the pros and cons of hybrid life insurance?

Hybrid life insurance isn’t the end-all to long-term care issues, as it has its downsides just like anything else. But, as with all life insurance products, you can quickly narrow it down into its benefits and detractions.

Some of the positives about hybrid life insurance with long-term care include:

• Death benefit and long-term care covered
• Security no matter what happens
• Often more affordable than paying at once for long term care

Hybrid life insurance with long-term care can be a great tool to ensure you can get assistance if you lose your ability to do daily tasks. If the disability leads to a loss of life or any other cause, you can rest easier knowing you provided for your loved ones.

The downsides of hybrid life insurance with long term care include:

• More expensive than traditional life insurance
• You might pay more for something you don’t use
• Less value per premium than a conventional life insurance policy

While having that long-term-care coverage in your back pocket can help, there’s also a chance you’ll never have to use it at all. If your family doesn’t have a history of disability, then you might want to consider holding off on the coverage unless you can afford it.

Are there other ways to use life insurance to pay for long-term care?

If you were to assign someone as the beneficiary to a life insurance policy, there would surely be enough to pay for extensive long-term care for as long as they need.

This scenario can help when a spouse passes, and the other elderly individual will need help, or when the parent of a disabled child passes away and needs to pay for new care.

Hybrid Life Insurance With Long-Term Care: The Bottom Line

Many of the top life insurance companies will offer you some form of life insurance with long-term care coverage. With it, you can ensure that you will be taken care of no matter what happens to you at an older age. However, you may never need to use it.

Are you looking for rates for life insurance companies that offer hybrid life insurance with long-term care policies? Enter your ZIP code into our free quote tool to see what you could pay today.