The Hybrid Professional LTC Plan
As more and more carriers continue to leave the long-term care (LTC) insurance market, an increasing number of employers are left searching for ways to fill the void. With improvements in medicine, the duration and frequency of LTC is increasing, leaving fewer and fewer providers that are able to provide LTC benefits. And, while access to LTC insurance becomes increasingly difficult, employers and employees remain in need of options for LTC.
The Hybrid Professional LTC plan is a Universal Life insurance policy that combines the benefits of life insurance with living benefits that can be utilized for long-term care, home healthcare, adult day care or assisted living.
Employees may be hesitant to buy LTC insurance because of the cost or concern of not utilizing the benefits, but our plan does not create a “use it or lose it” situation. Regardless of whether the benefit left is from LTC or life, the beneficiary will still receive payout.
* While there are State variations to the plan, what is consistent is that the insured will receive 4% of their death benefit paid on a cash indemnity basis once their claim is approved.