Long-term care policies and hybrid long-term care policies both help to cover the costs of long-term care.
Long-term care insurance is a type of policy that is specifically for long-term care and offers high-coverage amounts. Hybrid long-term care insurance allows you to add long-term care coverage to a life insurance policy.
While both policies are good long-term care options, there are some pros and cons of each policy you need to know before buying life insurance from companies that offer hybrid life insurance or long-term care policies.
So what are some of the best life insurance companies that offer hybrid life insurance and long-term care policies? And how much does life insurance cost?
Keep reading through our guide for all the information you need to find the best insurance that covers long-term care.
Are you looking for affordable life insurance companies that offer hybrid life insurance or long-term care policies? Enter your ZIP code to get free quotes from the top companies near you.
What are some of the best insurance companies that offer life insurance with long-term care?
Long-term care can get very expensive, so finding a high-coverage long-term care insurance policy from a reputable company will make sure you get the care you'll need at a cost that suits your budget.
Comparing different life insurance companies can help you find the best company for you so you don’t accidentally choose from the worst long-term care insurance companies and overpaying.
The top life insurance companies that offer the best hybrid life insurance and long-term care insurance policies are Mutual of Omaha, New York Life, and Nationwide.
Mutual of Omaha
Mutual of Omaha is one of the best life insurance companies for both long-term care insurance and hybrid long-term care insurance.
With traditional long-term care insurance from Mutual of Omaha, you are eligible to receive a 15% discount if you are healthy, and couples that buy long-term care insurance together can receive a 30% discount.
With Mutual of Omaha’s hybrid long-term care insurance option, the company offers high flexibility on coverage and some of the lowest rates available, starting at $15 a month.
If you’re looking for a wide variety of policy options, low rates, and discounts, Mutual of Omaha is one of the best and most affordable options available.
New York Life
New York Life offers a variety of long-term care products, including a hybrid long-term care insurance policy called Asset Flex.
Asset Flex from New York Life allows you to combine a long-term care rider with a universal life insurance policy and provides up to 7 years of long-term care with flexible payment options available.
New York Life also offers a money-back guarantee on the policy, and even if you use all of your long-term care benefits, a residual benefit is still available for your heirs.
With these benefits, New York Life hybrid long-term care insurance may be worth considering if you’re looking for a policy that provides high coverage and flexible options.
Nationwide offers standalone long-term care insurance policies as well as long-term care riders you can add to your term or whole life insurance policy.
The hybrid long-term care insurance options available from Nationwide allow flexible payments and also have a cash surrender value in case you ever end up changing your mind on wanting long-term care coverage.
With Nationwide’s traditional long-term care insurance policies, you can use 100% of your monthly cash benefit for your long-term care.
The rates for these policies are also level which means they will never increase during the length of your coverage period, making long-term care insurance from Nationwide a good choice for people who want consistent rates.
What is the average cost of hybrid long-term care insurance?
Hybrid long-term care insurance is typically more expensive to buy than traditional long-term care insurance.
The average rates for traditional long-term care insurance are $225 a month. However, since hybrid long-term care insurance combines a life insurance policy with a long-term care rider, the cost is higher.
Long-term care riders vary in cost, but you can expect them to add anywhere from $600-$800 to your annual rates.
Using a hybrid long-term care insurance calculator can help you to get a more accurate idea of how much adding a long-term care rider to your policy will cost.
Hybrid Long-Term Care Insurance Pros and Cons
Hybrid long-term care insurance provides many benefits over traditional long-term care insurance.
One of the main benefits is that you don’t need to buy a new policy to get long-term care coverage. With hybrid long-term care insurance, your personal policy stays in place, and all you have to do is buy a long-term care rider.
Another reason why people may prefer hybrid long-term care insurance over traditional long-term care insurance policies is that with hybrid long-term care insurance, your payments will go towards your death benefit if you don’t ever end up needing long-term care.
This is different from traditional long-term care insurance, which usually does not refund rates already paid if you don’t use your long-term care benefits.
Hybrid long-term care insurance also offers a cash value and has level rates, making it a flexible policy with many benefits.
However, hybrid long-term care insurance is usually more expensive to buy and doesn’t offer as much coverage or as many benefits as traditional long-term care insurance policies.
If you’re looking for the best long-term care insurance, you’ll have to compare different hybrid long-term care insurance companies and policies to see what fits your needs the best.
The Bottom Line on Long-term Care Insurance
Long-term care can get very expensive, but having the right kind of insurance can make getting the care you need easier.
If you’re looking for long-term care benefits, both long-term care insurance and hybrid long-term care insurance can give you the benefits you’ll need as you get older.
Traditional long-term care insurance policies are typically best for people who know that they will be using their benefits since the policy is high-coverage and doesn’t usually offer a refund if the benefits aren’t used.
Although hybrid long-term care insurance doesn’t offer as much coverage and is typically more expensive, the policy also puts your payments towards a death benefit. That way, even if you don’t end up needing long-term care benefits, you'll still have paid towards your life insurance.
To get the best policy for you, you’ll need to compare policies and rates from life insurance companies that offer hybrid life insurance and long-term care policies.
Are you looking for long-term care insurance? Enter your ZIP code to get free quotes from life insurance companies that offer hybrid life insurance/long-term care policies.