Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Oct 29, 2021

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The Brief

  • Along with providing a death benefit, a hybrid long-term care life insurance policy can help you pay for medical care
  • You can shop for the best long-term care life insurance policy online
  • Some long-term care life insurance policies still allow you to collect cash value in your policy

Life insurance doesn’t just take care of your loved ones when you pass away. Your life insurance policy can provide for you even while you’re alive in the form of long-term care riders.

These riders are great tools that can help you pay for health care as you can get older. But how can you calculate how much coverage is adequate for your long-term care if you should ever need it?

You can access a free long-term care insurance cost calculator from many life insurance companies. A resource like this can help you determine the amount of coverage you may require as you grow older.

If you want to find affordable life insurance companies that allow long-term care withdrawals, you can shop online for policies that may be a great fit for you.

Keep reading to discover which companies offer long-term care riders.

Enter your ZIP code into our free tool to start comparing free quotes from life insurance companies that allow long-term care withdrawals.

Which life insurance companies allow long-term care withdrawals?

When you buy a hybrid long-term care policy, you’ll be able to take advantage of many benefits.

The best hybrid long-term care life insurance policies provide long-term care at your choice of facility, still provide a death benefit to your loved ones, and allow access to the policy’s cash value.

Another major benefit of hybrid long-term care policies is that your premiums will not increase, unlike traditional long-term care policies.

If this sounds intriguing to you, you can get life insurance quotes from life insurance companies that allow long-term care withdrawals easily online.

If you want a long-term care rider, life insurance companies like those below can help you get the coverage you need:

  • OneAmerica
  • American General
  • Mutual of Omaha

While all of the companies on this list can offer you excellent coverage, each one has its own unique set of highlights. Let’s take a closer look at all that these companies have to offer you.

OneAmerica

With an A+ rating from A.M. Best, OneAmerica is an excellent company to choose if you want a company that is reliable and dependable.

Asset Care is OneAmerica’s most popular hybrid long-term care insurance policy.

If you were to purchase this policy type, you would be empowered to make use of excellent in-home care, adult daycare, and nursing home care, as these costs would all be reimbursed.

OneAmerica’s Asset Care consists of three features that set it apart from other hybrid long-term care policies.

  • An unlimited long-term care benefit period
  • The only hybrid long-term care policy that can be issued on a joint life basis
  • Accepts qualified retirement funds like IRA or 401(k) rollovers

OneAmerica doesn’t advertise its rates on the internet, but life insurance policies typically cost about $26 per month. If you’re looking to calculate your life insurance budget, this is a good number to start with.

American General

With the Accelerated Access Solution policy from American General, you can borrow income from the policy’s death benefit, and, even better, you can potentially purchase insurance for as low as $11 per month.

There is an elimination period of 90 days with these policies, but after that time, you will be able to access all of the benefits that come with your policy.

For example, if you were to suffer a qualified impairment, you could access 2%-4% of your death benefit.

There are restrictions of course, with a $360 daily or $10,950 monthly limit, but you have the ability to use this tax-free income benefit in any manner you choose.

This company has an A rating from A.M. Best and certainly deserves to be considered as you shop for the right life insurance policy for your needs.

Mutual of Omaha

Mutual of Omaha is another excellent company and has an A.M. Best rating of A+. The long-term care insurance policies offered by Mutual of Omaha are:

  • Secure Solution
  • Custom Solution

Mutual of Omaha is one of the best companies in the business. Its policies protect against inflation, and applicants have options when it comes to configuring the elimination and benefit period.

But that’s not all this company has to offer.

If you were to purchase a Mutual of Omaha Secure Solution policy, you would be able to take advantage of strategies that fit your needs.

For example, you could choose between using a 100% Home Care Monthly Reimbursement benefit or a Cash Alternative Monthly Home Care benefit of 30%.

Bear in mind that if you owned the Custom Solution policy, that Cash Alternative Benefit would be increased to 40%.

Now, if you were to add on a $6,000 per month benefit, you would be able to receive $1,800 a month through the Cash Alternative Benefit and not be required to send in any receipts.

As you can see, Mutual of Omaha life insurance products are designed to work with your life and aren’t defined by rigid strictures.

If you’re interested in working with Mutual of Omaha, you could potentially buy life insurance for $21.29 per month.

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What benefits do long-term care riders provide?

Individuals who are struggling to put together an end-of-life financial plan need to find a life insurance company; life insurance companies that allow long-term care withdrawals would be the preferred choice.

A long-term care rider allows you to use a fraction of your death benefit while you’re alive so you can afford to pay for long-term care.

Neglecting to take advantage of such a great financial tool can have devastating consequences in the long run.

You should note that a long-term care rider is not the same as an accelerated death benefit.

Typically, you must have a terminal illness in order to use your accelerated death benefit. However, if you are unable to perform at least two of the activities of daily living (ADLs) without help, a long-term care rider will become active.

ADLs include:

  • Eating without assistance
  • Bathing without assistance
  • Dressing without assistance
  • Going to the bathroom without assistance
  • Getting out of a chair or bed by yourself

It is important to note that long-term care riders can only be attached to a whole or universal life insurance policy and that adding such a rider will increase your life insurance rates.

Increased rates could be well worth it, as a long-term care rider provides you with the care you deserve as you age. If you are looking to buy life insurance, realize that life insurance companies that don’t allow long-term care withdrawals won’t have these vital benefits available for you.

What You Need to Know About Life Insurance Companies That Allow Long-Term Care Withdrawals

If you want life insurance but are concerned about life insurance rates, life insurance companies that allow long-term care withdrawals can get you the coverage you need for as little as $11 per month.

Purchasing life insurance with a long-term care option is an investment in your future, as it could provide the funds you’ll need to access a higher level of care as you age.

Since every company that offers a long-term care rider is a little different, you should always request a number of quotes to determine which company provides the best options for you.

Enter your ZIP code below to get free quotes from life insurance companies that allow long-term care withdrawals today.