Long Term Care

Funding The Inevitable Costs Of Aging

We don’t want to think about it but…

older man and daughter

the reality is that, as we age, chronic health conditions may develop.

For many of us, that results in the need for some kind of assistance, whether that be care at home, moving to an assisted living facility or going to a nursing home.

Traditional funding solutions include:

  1. Buying Long Term Care insurance
  2. Going on Medicaid (after “spending down” your assets)
  3. Using retirement savings and personal assets (i.e. “self-insuring”).

Now there is a new, cost-effective strategy:

Hybrid life insurance policies have recently been developed that include a special provision allowing you to access your benefits while living to pay for chronic condition care, should you need it. You either use the policy proceeds for your care or they are paid to your beneficiaries upon your death. Think of your premium payments as building an asset. Either way, someone gets the money you have put into the policy…and, most likely, more.


  • Policy cannot be cancelled
  • Rates cannot be increased (a major concern with traditional long term care policies)
  • Chronic care proceeds paid directly to you every month. Can be used for any purpose (traditional long term care policies require receipts from an approved caregiver or facility and will not pay for family members to help with care at home)
  • Includes coverage for dementia and Alzheimer’s
  • Benefits are guaranteed to be paid – either during your lifetime or to your heirs (traditional long term care policies are “use it or lose it” – if you never need care, you don’t get back the money that you have paid in).
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