With more people looking at Long Term Care Insurance (LTCi) options companies are starting to offer more options than they were just a few years ago. The Traditional LTCi products of the past are not what the current generation is looking for, buyers today want more guarantees and options. Children of parents who had traditional policies don’t want what their parents had.
Hybrid policies give policy owners more options by combining the best of two policies. For example, some companies offer Long Term Care/Critical Illness with either a life insurance policy or an annuity. These policies have been on the market for years now but they are gaining popularity because of the demand for flexibility.
Product details vary widely but here is an example of our new product, CareShield from Securian.
- Chronic or terminal illness benefits– if you need care the policy pays you cash to help pay your bills
- Death benefit– if you don’t use the care benefits your family will get tax-free benefits
- Return of premium– if you elect to discontinue coverage you will receive a premium refund. Ranges from 50% return at 15 years to 100% return after 25 years
When looking at a Hybrid policy make sure you have options on how you can use the policy in the future. With the CareShied, you are covered if you need care, if you die your family will get the portion of the policy that was not used, and if you discontinue the policy you can get a return of premium. At the end of the day, options are what will give families the ability to handle any situation life may bring their way.
Make sure you talk with a Long-Term Care Specialist who knows and understands Long-Term Care planning. If you would like more information about Long-Term Care Hybrids, such as CareSheild, contact a GoldenCare LTC Specialist today by calling 1-800-842-7799 or fill out our Contact form.