Types of Long Term Care Policies

There are primarily three different types of long term care policies, and vast number of policy additions (in the form of riders) one can add to their policy:

  1. Individual Long Term Care Insurance
    Individual long-term care insurance coverage is a good option if you are not employed, work for a small company that doesn’t offer a plan, or are self-employed. Choosing a policy requires careful shopping because coverage and costs vary from company to company and depend on the benefit levels you choose.
  2. Universal Life Insurance with Long Term Care Rider
    A way to help protect your retirement income from the risk of long-term care expenses. Life Insurance With Long Term Care Rider may help free some of those reserves to seek additional growth, while helping you prepare for the need for longterm care at the same time. By simply repositioning the cash reserves designated for long-term care into aLife Insurance With Long Term Care Rider policy, you immediately help increase the protection for the rest of your portfolio. This universal life insurance with long term care rider provides more benefits (higher leverage) than the underwritten annuity with long term care rider. We will be glad to discuss both options.
  3. Multi-Life Group Long Term Care
    This type of group long-term care policy allows an owner of a business with fewer than 500 employees to purchase coverage for himself and his family as well as his employees and their families. And all of that can be done while taking advantage of a number of tax benefits. Multi-Life Discount Program provides business owners and their employees an opportunity to purchase individual Long Term Care Insurance policies at a discount and with reduced underwriting. It can be offered to companies with as few as three employees. Depending upon the business owner’s choice, the program can be implemented as an employer paid benefit, a voluntary benefit, or a combination of both.

While there are several components to each policy type, there are two key questions you need to ask yourself for long term care planning:

  1. How Would You Pay for Extended Care? You plan to live a long and productive life and at some point you may need care in your home or in a facility. How would you pay for this care? Most likely from your retirement portfolio, right? However, this was established to fund a retirement lifestyle, not a long term care situation.
  2. What Impact Would Needing Long Term Care have on Your Family? Would your family members provide care? Is that something that hey could physically – and emotionally – do for several years?