The Different Types of Long-Term Care Insurance

Purchasing a long-term care insurance (LTCI) policy is the best way to plan ahead and set aside funds for your future long-term care. However, choosing the right policy can be confusing. After all, LTCI comes with a variety of different features and can be customized to fit your situation. Here’s a brief overview of the different types of long-term care insurance.

Traditional Long-Term Care Insurance

Traditional LTCI functions like a typical insurance policy where the policy owner pays regular premiums in exchange for future benefits in the form of financial coverage for long-term care. This type of policy has zero cash value.

Linked Benefit/Combination LTCI

Also known as asset-based or hybrid LTCI, this type of LTCI consists of a life insurance or annuity contract with long-term care benefits attached. These policies have cash value that continues to grow and often come with a guaranteed death benefit in the event the policyholder doesn’t require care.

Benefits of Long-Term Care Insurance

No matter the type of LTCI, each policy can be tailored to your budget, circumstances, and long-term care goals. LTCI offers multiple pay options, features, and riders that can be customized to your unique situation. Most LTCI policies can be used for a variety of care situations, including at-home care, adult day care, assisted living, skilled nursing care, and more.

LTCI is the best way to secure your financial future in the event of long-term care. And this is just the beginning. When you tell us about your situation, we’ll connect you with a qualified professional who can help you discover the solution that’s right for you.