Yes, you read that right! The life insurance industry has put together these two products. One major reason why many people (including me) never bought a long-term care insurance policy is that, if you never use the policy, you lose all the money that you invested in it. Can you afford to throw your money away?
Another reason is that, with a stand-alone Long-Term Care policy, the premiums can increase at any time – for any reason. Doesn’t quite give you that “warm and fuzzy,” does it?
Well, the Life Insurance and Long-Term Care policy addresses those and other concerns. For instance, if you pass away never having used the Long-Term Care part of the policy, that’s where the Life Insurance kicks in, and your family receives the tax-free death benefit. In my world, this is what we call “cost recovery.” Also, once you’ve been approved, your premiums remain the same! No changes in your premiums should your health deteriorate or if you do what most people want to do and that is get older.This combination has many more advantages. Please contact me if you’d like to know more: http://www.thriftytermquote.com/contact-us/