If you require long term care, benefits will be paid to cover the long term care expenses out of the death benefit on a tax free basis. If care is never needed then the death benefit will be paid in full to your beneficiaries at the time of death. Because of this dual usage of the death benefit, you are guaranteed to always get your money back whether you need care or not.
Life insurance with Long Term Care is great for you if you want to guarantee that you always get your money back and if you don't want traditional long term care insurance. If you have an old life insurance policy you can transfer the cash value into this type of coverage with a tax free exchange. It is also great for people who want to avoid medical exams to obtain coverage as oftentimes only a phone interview is required.
Life Insurance with long term care can be funded with a single, annual, or monthly premium or a tax free transfer from another life insurance policy that you own. A death benefit is available immediately. If you need long term care, the death benefit will be accelerated to pay for your care on a tax free basis. You will receive additional money from the insurance company to help pay for long term care. If you never need long term care the death benefit will be paid to your beneficiaries.
