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Life Insurance Vs Long Term Care Insurance

Life insurance policies are specifically designed to protect and secure your family members in case when the policyholder dies in an unfortunate incident whereas long-term care insurance offers money to the assured that helps in maintaining a good life while you are alive. Nowadays, the need of life insurance is on rise. But with the rising expenses of living, it is becoming difficult to select the right plan.

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Individuals have purchased long-term care insurances that help them cover the rising expenses. However, some insurers also offer a combination of life insurance with extended features and benefits of long-term care plans. 

A comparison of both the plans is important to understand which option suits you well. 

What is a Long-Term Care Insurance and Combination Life Insurance? 

Long-Term Care Insurance provides funding for long periods. They offer coverage for nursing, health home care, and day care (personal or adults) of individuals of or more than 65 years of age or diagnosed with a chronic or disability that requires regular management. This traditional long-term care insurance is similar to home owner’s insurance. It believes in Use it or you will lose it, which means if you don’t use your insurance during your policy time, then no benefit will be provided to you from the premiums you have paid all those years. On the other hand, Combination life insurance locks in the premiums you pay with the death benefit. Then that amount will be received by the nominee/beneficiary. In this way, the money paid every month will be provided even if you don’t use the policy benefits. 

Combination life insurance is a lasting life insurance policy along with a long-term care rider. The rider helps you in enhancing your coverage and you can tap into your long-term care savings if you require. A policyholder is not required to pay the premiums paid. If you don’t use the savings in this plan, then that amount will transfer to the death benefit. Other riders can also be added to the policy such as accelerated death benefits, critical illness. Combination life insurance and long-term care insurance also share some common benefits. In both policies, the policyholder is required to meet all the health and cognitive standards to get complete life coverage. Both plans are flexible as they pay the claims after the policyholder suffers expenses in long-term care. In the case of long-term care, payments are usually free of income tax. 

Combination riders offer various benefits: 

  • They offer an option to extend the rider for a long time or extended care expenses that continuers these benefits after the death benefit of the policy and inflation (option) protection benefit is also there. 
  • It also offers to return premiums in case your state changes. 
  • It also provides a wide variety of benefits such as home care, personal and adult daycare, and nursing facilities at home. 

What Are The Coverages Under Long-Term Insurance? 

The long term takes care of the expenses of the following: 

  • Home care- Nursing 
  • Adult and personal daycare services 
  • Assists the facilities required for living 
  • In-home care 
  • Care management 

Comparison Between Combination Life Insurance and Long-Term Care Insurance 

Some differences exist between Long Term Care Insurance and Life insurance plans on the basis of which you can decide your suitable need of life insurance. Here’s a quick laydown of Life Insurance vs long term care insurance:

Types of Benefits 

Combination Life Insurance 

Long Term Care Insurance 

Cost 

Hybrid Life insurance is costlier than the long-term plan. 

They are sometimes paid with a one (single) payment or payments for a few years, but not more than ten years. 

Long Term care Insurance premiums might increase over some time

Payout 

It offers a payout to your nominees/beneficiaries after the death of the policyholder. 

This policy offers money to pay for expenses such as home care, nursing. 

Interest Rates 

Interest rates are relatively higher 

Interest rates are quite low in comparison to life insurance 

Home care 

This is used for at-home care or supported living or nursing care 

Home care is available through additional riders. It must be done by a licensed professional. 

Death Benefit

If you are not using a hybrid policy for long term care, a death benefit will be payable to the nominee/beneficiary at the time of your unfortunate death

In this, no death benefits are paid to the nominee and no premium reimbursement is provided. 

Premiums 

Premiums are quite higher and this policy is more expensive. 

In this, the premium increases with age. 

Riders 

You can add riders to the policy 

It can result in losing your money if you don’t need long term -care coverage

Receipts 

In this, no need for receipts. 

It also pays 2 percent of benefits for up to 4.2 years. 

In this, you are required to pay out of your pocket and submit receipts needed to be reimbursed. 

How To Buy Combination Life Insurance? 

Unlike long-term care insurance, various insurance providers offer hybrid life insurance. You are advised to consult your insurer to add a long-term care rider, in case you have already a permanent life insurance plan. As it is a permanent plan, so it is also possible to add other riders to create a policy that suits you and your requirements. After selecting the right policy, the insurance company will ask some health-related questions. Based on this, the insurer will decide the approval.  

What To Do If Your Selected Long-Term Care Policy Is Expensive? 

Sometimes, you select a policy that does not suit your requirements. So, people who are facing expensive long term care problems have the following options: 

  • Always keep the policy, though you have to pay higher rates 
  • Ask your insurance agent or advisor about any alternative option. 
  • You can also terminate the policy and lose all the money that you paid till that time 
  • Terminate the policy and get another one with smaller payout options 
  • Drop it and go for a combination life insurance plan 

Wrapping It Up!  

If you want to buy a combination policy, know about your need of life insurance and then compare premium rates from different insurers and moreover, check the financial power of different insurance providers before buying any policy. A combination policy is a quite complex insurance product and their features and benefits vary as per their companies. Always consult a financial advisor who is aware of this product.


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