A. The biggest problem with a Long Term Care (LTC) Insurance policy is that if you pass away and never use the policy, your premium payments are wasted. However, the same thing could be said to those premiums you pay for a homeowners insurance policy if you pass away and never use the policy – the insurance company keeps them and you are happy you never had a claim.
However, for many consumers, simply having peace of mind over the life of a policy may not be good enough, people will feel better if one could get something back from the insurance company. That solution is a combination life and LTC policy.
With a Combination Life and LTC Insurance policy, it will provide long term care benefits if you need long term care, a death benefit if you die without needing LTC, or both if you need a limited amount of LTC. The table below compares a combination life policy with a LTC policy.