In comparison, monthly maximums may come into play with hybrid life insurance. However, the cash you receive comes from the acceleration of your policy's death benefit.
This way, money you use when you go on claim will reduce the proceeds your heirs will receive when you die.
Use it or lose it: One of the downsides of traditional long-term care insurance is that unless you go on claim, you've pretty much given your money irrevocably to the insurer.
"They perceive the premiums to be a waste because they think it will never happen to them," Henske said.
Hybrid life insurance addresses that "use it or lose it" worry by giving clients options.
Generally, you can go on claim if you're unable to perform at least two activities of daily living (such as dressing or bathing); your heirs can receive death benefit proceeds if you die; or you'll get some money back if you decide you no longer want the policy and surrender it to the insurer.
Always start with a plan: Regardless of whether you buy insurance, you'll need a plan to address your long-term care needs.
Work with your advisor to hash out how you would like to receive care, get your powers of attorney for health and finances together, and collaborate to find the best way to pay for your long-term care costs.
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