These life insurance policies offer living benefits that allow you to access  the insurance amount (while you are still living) to pay for long term care expenses.

Typically, the policy allows you to withdraw a certain percentage of the insurance amount each year to pay for assisted living, nursing home, and/or home health care expenses. These policies are fairly new innovations in the insurance industry and have been well received.

One strong feature is you have a lifetime guarantee of premium to insure you won’t have rate increases in the future. This allows you to budget properly and avoid the risk of having to reduce or drop coverage at a later time.

Another strong benefit is the insurance amount will be paid out in one form or another. If you need long term care services, the benefit will be paid there. However, if you never need long term care services, the insurance proceeds will be paid to your wife, partner, family members, or possibly a charity of your choice.

There are a number of companies offering competitive hybrid life & long term care policies in the market. This is in contrast to the traditional long term care market which has seen an exodus of most companies.