A. It's true that if you have to stay at a nursing home for a few years, the cost could break your finances. However, based on the Center for Retirement Research at Boston College study, half of men and nearly 40% of women who use nursing home care never have a stay exceeding 3 months. In fact, most of people find in home care is a more preferred way.
At the same time, the standalone long term care insurance premium is running out of control. Unlike life insurance policies, insurers are allowed to raise premiums even after you buying the policy, which caused many consumers off guard in recent years when they faced an unbearable bill if they continue the coverage.
The Smart Way to Protect From the Long Term
To avoid the risk of premium increases, and still have protections in case of needing long term care, consumers have gravitated toward hybrid products that combine long term care insurance with life insurance - your premium for a cash value life insurance policy will either pay benefits early if you need long term care, or provide your heirs a death benefit if you don't need care.
Please contact us if you want such smart protection for the long term.