Life Combination Policies May Fill Long Term Care Gap

Long term care insurance is known as one of the most expensive forms of insurance out there and it is extremely important for people to have long term care insurance coverage. Long term care insurance coverage provides a critical stop gap in the event that someone becomes suddenly disabled or affected by a cognitive or physical issue that renders them in need of nursing home care. New life combination policies have emerged to step in where traditional long-term care insurance falters. 

Traditional sales of long term care insurance policies have dropped by 60% since 2012. A newer option for ensuring against the risks of long term care costs includes universal life insurance that has long term care protection. In 2012, only 86,000 of these policies were sold, but that number surged to 256,000 in 2016.

Nearly half of retirees have indicated that they are not confident they will be able to pay for their own long-term care, according to research gathered and presented by the Employee Benefit Research Institute, and even higher portion of workers share that same concern.