Hybrid Long Term Care Insurance policies offer the best of both worlds as they combine traditional Long Term Care Insurance with Whole Life insurance. In the case that you require care, the policy works just as a traditional plan would, paying for your choice of either home or facility care. The difference comes into play in instances where care is never needed! In these cases, the Hybrid Long Term Care Insurance policy will return principle as well as interest back to your family as a death benefit, in the form of tax free life insurance benefit.
These Hybrid polices have combined life insurance with long term care benefits. The funding behind these types of plans also differs from that of traditional plans. With Hybrid Long Term Care Insurance plans you have the option to either pay a one time lump sum premium or you may pay over the course of ten years. The benefit to paying the premium all at once is that it will result in more long term care benefits than if paid over ten years. Another great feature of Hybrid Long Term Care Insurance, is that the premium you pay is set for life meaning its guaranteed to never increase unlike traditional rates.
As you can see Hybrid policies not only offer life insurance with long term care coverage, and life insurance, but they also posses a feature which allows buyers to opt out if they no longer want the insurance. In this instance the buyer would receive 80-100% of their premium back. The percentage returned does vary based on which company the Hybrid policy was issued through.
There currently exist ten Hybrid Long Term Care Insurance or asset based long term care companies available today. Each company will posses varying features as with any product. Some will offer more Long Term Care Insurance and less life insurance and so on.
If you or someone you love is interested in Hybrid Long Term Care Insurance be sure to click here!