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: May 19, 2021

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The Brief

  • Long-term care insurance can be purchased as an individual policy, a hybrid policy, or as a rider for a whole life insurance policy
  • The most affordable way to purchase long-term care insurance is through a rider
  • Long-term care insurance is used to pay for care in a long-term care facility

Are you searching for life insurance for long-term care? Keep reading to learn more about whole life insurance costs and long-term care insurance costs and how to make the most out of your money as you age.

Are you more interested in comparing life insurance for long-term care quotes right away? Enter your ZIP code above, and we will help you get started.

What are the long-term care insurance options for seniors?

While you can buy life insurance for long-term care as a separate policy, other options are available.

Many life insurance companies offer long-term care riders on their permanent life insurance policies.

These riders may add to the overall cost of the insurance. However, they can act as a safety net if you need long-term care.

However, they may not offer as much coverage as a hybrid policy or a traditional long-term care policy.

Another option long-term care insurance companies offer a hybrid policy. This is a policy that acts as both life insurance and long-term care insurance.

Hybrid policies provide coverage for both the death benefit and long-term care benefits in separate amounts.

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What is the most affordable life insurance for long-term care?

The most affordable life insurance for long-term care is a long-term or chronic illness rider added to a life insurance policy.

While these riders raise the monthly rates, they are less expensive than purchasing a whole separate policy.

Beyond offering you lower life insurance rates for long-term care, purchasing a rider also allows you to customize your life insurance and make more use out of one policy.

Long-Term Care Insurance Pros and Cons

The pros of having some type of long-term care insurance are removing a financial burden from your family and yourself. As stated above, these facilities are expensive.

If you ever find yourself in need of this type of care, not being able to afford it can negatively impact your life.

The cons are, ironically, the cost. According to a paper published on the National Center for Biotechnology Information site, less than 7% of seniors live in any kind of long-term care facility.

This means the majority of seniors will never need to pay for long-term care.

If you are a senior over 60 and want to make the most of your money, the solution to this seems to be looking for a policy with long-term care riders or purchasing a hybrid policy.

However, it is always important to get multiple life insurance quotes for long-term care before making your final decision.

Take the time to look into each life insurance company for long-term care and compare the cost and the coverage that its policies provide.

Are you ready to purchase life insurance for long-term care? Enter your ZIP code below, and we will help you find the right policy for you.