Long term care protection: two ways to approach it

Once upon a time, the only protection you could buy to pay for long term nursing home costs was a traditional Long Term Care insurance policy. But with many carriers finding that those policies were not profitable, premiums starting increasing, care limitations were imposed, and fewer carriers even offered a long term care plan. Enter a new type of coverage called a hybrid-benefit or linked-benefit life insurance policy which allows you to draw upon your future death benefit to pay for nursing home costs. While another option for long term care is surely a good thing, using this new type of policy will reduce the death benefit your survivor’s will get, as this CNBC article by Darla Mercado explains. Click here to read more.

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