Hybrid Life insurance products have been gaining in popularity to replace traditional Long-term Care products. Essentially a Long-term Care rider is attached to a Life insurance policy or Annuity product. Unlike traditional Long-term Care insurance, your client's policy costs are set at time of issue and will never increase. If your client does not need Long-term Care, their policy provides an income tax-free death benefit or can provide cash accumulation.
The long-term care benefit will kick in if your client can no longer perform two of the six "Activities of Daily Living":
- Bathing themself
- Dressing themself
- Going to the bathroom by themself
- Feeding themself
- Moving from a chair or bed without assistance