The best of both worlds? A new option for long-term care insurance

Description

Abstract: Premiums for traditional long-term care insurance often run thousands of dollars per year per person. Individuals are forced to weigh this cost against the likelihood that they may end up not tapping into their policies. This article discusses a new hybrid life and long-term care policy that might address the concerns with traditional long-term care coverage. It combines life and long-term care insurance, typically by adding a long-term care rider to a traditional life insurance policy — thus reducing the “use it or lose it” risk of traditional long-term care policies. A sidebar offers some other hybrid policy benefits and caveats.