Talking about insurance

When it comes to long-term care, many feel they may need it but are also skeptical about their options and the whole process itself. Many end up stuck between wanting to ensure themselves and their family is protected should that time come and simply hoping that time never comes. Some have briefly looked into some long-term care benefits and see a slight need but also aren’t sure all the stipulations best suit them. Essentially, they are worried they will invest all this money into a plan that could save their family the cost for their care however, what if they never need the care?Is the money gone? Will their funds then be depleted with no monetary funds to leave behind for their families?

Hybrid policies

What many fail to realize is that, there do exists options that combine long term care and and life insurance! This means these policies offer you long term care benefits, but also give you the option to leave your unused funds to your loved ones. These policies are known as hybrid policies and are a great way to combine two policies that can benefit both you and your family. This grants you peace of mind knowing that if you do end up  needing care you will be protected however if you don’t or only need some care, your family can cash out your investment.

Explore your options

Something to note regarding hybrid policies however, is that they do typically require a large upfront premium versus smaller installs. If this does not seem desirable or fit your needs you may opt for a different kind of option. This is good if you want to earn an investment on your policy. However, you should note that your premiums will be subject to rising when necessary.  If you are less interested in earning an investment on your policy and more focused on ensuring all your bases are covered Hybrid may be the way to go. If you can afford the large upfront fee this may be a great option for you. Do your research and seek advice from a licensed professional who can help you explore your options and provide great detail.

If you or someone you love is interested in learning more about Long Term Care Insurance be sure to visit: LTC TREE for more information.