Choosing the best type of long term insurance plan for you can be a tall task. It is recommended you conduct thorough research and obtain quotes for several different types of policies. Familiarize yourself with the costs, benefits, and disadvantages of each. In order to make the most informed decision, you’ll want to see real-life numbers and compare them against different types of insurance. Some individuals will not have the assets required for funding a hybrid policy within the 10-year frame therefore, these individuals will likely opt for the more traditional long-term care policies.
While others may be facing mild/declining health and are therefore, unable to be approved or underwritten through a traditional policy. For these individuals, a hybrid policy may be in play as the underwriting process for these policies tend to be more lenient on who they’ll accept.
Additionally, many people will not be able to fathom shelling out $20,000 or more in premiums only to never see that money again, regardless if care is never needed. These individuals will likely circle back to a hybrid policy or perhaps, a permanent life insurance policy that includes a critical-care rider. The critical care ride is a low-cost rider(sometimes free) that allows individuals to receive most of their death benefit while living, in order to help cover long-term care costs. Regardless of which type of plan you opt for, take your time and do your research.