Is Hybrid Long-Term Care Insurance Right for You?

If you hate the idea of paying for long-term care insurance you may never use, a hybrid policy could be for you. The money you paid in premiums doesn’t just evaporate if you never need the benefits: Your heirs could get most of it back as an inheritance.

A retired couple sit together on a dock.
(Image credit: Getty Images)

A growing number of Americans are approaching the age at which they must consider how to pay for long-term care. For many, a hybrid insurance policy, which combines life and long-term care insurance, continues to be an attractive option. These policies help protect a retirement nest egg from being depleted by expenses incurred when retirees can no longer care for themselves. And, if the insurance is not needed, there is a death benefit that can be passed on to their heirs.

Here’s a great example of how it can work:

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Bud Boland, CFP®
Wealth Adviser, CI Brightworth

Bud Boland is a Wealth Adviser at CI Brightworth and has devoted his career to working with high net worth and high-income individuals and families. Bud works closely with clients to understand their needs and develop customized financial plans to help them reach their short- and long-term goals. Bud is a CERTIFIED FINANCIAL PLANNER™ practitioner and received his Bachelor of Science in Financial Management with an emphasis in Financial Services from Clemson University.