At Deighton Financial Services, we offer long term care policies from several different companies so we can help you compare benefits and options.
However, in recent years, we have noticed that fewer and fewer companies are offering LTC coverage. The choices are becoming limited, and most existing plans have seen premium increases because people are living longer than the insurance companies initially projected.
This is a challenge for people shopping for long term care insurance, but there is also a solution.
Many people are now purchasing hybrid policies that combine life insurance and long term care benefits. By adding a 'chronic illness' rider to a universal life insurance policy, you can get the coverage you need without having to shop around for a traditional LTC policy.
The advantage to this approach is that you can add a 'premium guarantee' rider to the policy, meaning that the premiums will not increase.
This is an extremely valuable feature because it allows you to avoid the risk of volatile premium increases in the traditional LTC market.
If you never use the chronic illness benefit in your hybrid policy, you can leave a tax free benefit to your beneficiary when you die, or you can surrender the policy for the cash surrender value at any time.
Please contact us for more details:
Toll Free: 1-866-365-6558