Long-term health care policies are a huge expense for many middle class families. This article discusses how more Americans are getting hybrid products that tack long-term care onto a life insurance policy. These combination policies, which industry insiders call the “live, quit, or die” option, have been increasing in sales recently. Hybrid life insurance-long-term-care policies have also been referred to as the “SUV of insurance” because they might not be as efficient but they still get the person to their destination. Whether it is better to get a hybrid or traditional insurance policy depends on individual circumstances of the person’s estate. People should weigh their options and consider what is best for them.
See Elizabeth O’Brien, New ways to pay for long-term healthcare, Market Watch, July 9, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
