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"Insurance is financial protection and financial protection is for everyone."

  • Writer's pictureDINA MABRY | Principal BGA Premier Insurance Solutions, Inc.

10 Advantages of a hybrid life insurance policy!

Are you a Baby Boomer? Take this short Q&A to find out!
  • Do you have adult kids that are out of the house?

  • Is your career established?

  • Do you have some money in savings?

  • Are you driving a car that is not a minivan?

If you answered yes to most of these, you must be a Baby Boomer! People in this life phase can benefit significantly from a hybrid insurance policy, which combines long term care & life insurance into 1 policy.

Hybrid insurance policies are increasingly popular due to some of their unique benefits, such as:

- Flexible payment options

- Guaranteed death benefit

- Fewer health questions asked

- Tax savings and benefits

How A hybrid insurance policy works

Most people bought long term care insurance as a standalone policy in years past. Today, it’s becoming more common to buy coverage as a policy that also includes life insurance. The long term care portion of the policy pays for care if you develop a health condition and need care. Meanwhile, the life insurance portion gives your loved ones financial support if you were to pass away. You receive the long-term care benefit if you develop a health condition. And your loved ones get the full death benefit if you never use the long term care benefit.

10 Advantages of a hybrid life insurance policy

  1. More complete coverage. A hybrid life insurance with long term care policy lets you and your loved ones benefit from two very important insurance coverages.

  2. Easier to get. The medical underwriting for a hybrid life insurance policy is often more relaxed than for a standalone long term care insurance policy. In fact, some hybrid policies only have you answer a few health questions.

  3. Flexible payment options. There are two ways to pay for hybrid life insurance: with a lump sum or with annual payments.

  4. Tax savings. Life insurance payouts to your loved ones aren’t taxed. And premiums paid for long term care insurance can sometimes be deducted from your state and federal taxes.

  5. Less time and effort. It’s often easier to research, buy and manage one policy than two separate policies.

  6. Fewer premium hikes. Many people worry about cost. That’s because standalone long term care policy premiums could increase dramatically. hybrid policies typically offer more pricing stability.

  7. Possibility of a death benefit. Typically you forfeit the premium dollars you’ve paid for a traditional policy if you never need long term care. With a hybrid policy, your loved ones receive the full death benefit if you never need long term care. Some policies even guarantee a small death benefit no matter what.

  8. Option to lock in your premium. Some hybrid life insurance policies let you lock in your premium payments.

  9. Option of a money-back guarantee. Some hybrid policies return the premium paid if you decide you don’t want the policy after a set time.

  10. Ultimate peace of mind. Hybrid life insurance coverage erases worries about potential long term care costs and helps ensure your family’s financial future. Who doesn’t need that? credit:


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