A hybrid policy combines life insurance or an annuity with a long-term care benefit. Need care, and it pays a monthly benefit for years. Never need care, and your beneficiaries receive a death benefit. Premiums are guaranteed never to increase.
How the numbers work
A typical design funded with a single premium of $100,000 might provide $300,000 or more in care benefits, a $150,000 death benefit and a return-of-premium option. The leverage comes from the carrier pooling risk across many policyholders.
Your health today determines what you qualify for tomorrow.
Underwriting is simpler than traditional LTC but still health-based. The best time to apply is while you are healthy enough that the question is which design, not whether you qualify.
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