With the ever rising cost of Long Term Care many insurance companies are raising their premiums on their policies. With well over 20% of seniors that are 65 and older they will need at least two years of some type of long term care.
These “hybrid” policies are a great option for people who will need long term care insurance but are not wanting to be forced to pay high premiums in the near future. A great feature about hybrid long term care insurance is that the rates will never increase.
Many companies are now offering hybrid policies to customers. One type of hybrid policy is called a single premium. This type of policy combines the traditional long term care insurance with a rider and provides them with some coverage.
Other types of policies are called whole life and universal life. These policies allow the rider to pay monthly premiums or quarterly premiums. Generally these insurance companies will give you 10 years to pay off the hybrid policy premiums.
Some advantages that hybrid policies can allow people that have pre-existing conditions to access coverage and get approved over the phone.
If an individual wants to cancel their policy they are able to recoup a good amount of their paid premium.
Hybrid policies have the option of a benefit rider that allows monthly benefits and can also double the time in which you receive more benefits. Benefits for policyholders are guaranteed.
Having a hybrid long term care policy will give you many benefits and offer you great life insurance protection.
If you or someone you love is interested in Hybrid Long Term Care be sure to visit: LTC TREE for more information