1. 10968 POINTS
    Tim WilhoitPRO
    Owner, Your Friend 4 Life, Brentwood TN
    The long term care policy you have may have different provisions than others. There are multiple types of long term care contracts. However, a popular plan for a husband and wife will give the spouse free coverage for life after a period of time if the primary or husband dies. There are some policies with a beneficiary provision as well. Most long term care policies however just expire when the insureds die. This is part of the risk of owning a long term care policy. Statistically, there is a really good chance, especially females, that you will have a claim before you pass.
    Answered on March 24, 2015
  2. 47 POINTS
    Kevin Haney
    A.S.K. Benefit Solutions, New Jersey
    Many people balk at the idea of paying for coverage they may never use. Long term care premiums can be very expensive, so this is a common objection and concern. You may want to consider a return of premium rider. You pay extra for the option, but it addresses the concern you raise. If you do not need long term care, the policy will return a portion of your premiums. Most carriers provide this optional rider, which all work differently.

    Contact an experienced agent who works primarily with this type of policy for help guiding you through the options.
    Answered on April 24, 2015
  3. 836 POINTS
    Kyla Beamon
    Insurance Concierge, M&G Insurance, Lake Oswego Oregon
    There are Long Term Care products combined with Life Insurance that make sense because if you don't loose them and perish your beneficiary receives a death benefit...so it's not use it or loose it LTC insurance. Unlike traditional Long Term Care (LTC) with a life insurance plan your premiums do not go up...they stay the same. Some plans allow you to have an immediate family member as the caregiver and they would receive the LTC funds. Funds can also be used for home modifications. Did you know that 70% of claims are for Home Health Care...not Medical Facility Care? People want to stay in their own home as long as they can before being moved to a medical home this Life Insurance Long Term Care is a great option. This particular plan I mentioned above does not require you to submit bills. It pays out a specified amount each month regardless of your expenses. This plan is a single lump sum pay, 6 year pay or 10 year pay so you won't be stuck paying for life. Also, funds received can be above the allowed HIPPA Cap. Let me know if you would like more information on this Life Insurance Long Term Care plan...or would like to see rates for your specific age.
    Answered on August 28, 2015
  4. 11773 POINTS
    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    What happens to long term care insurance if not used? Well, what happens depends on the policy provisions. The policy may do many things from transfer to another person, pay out a small death benefit or absolutely nothing at all. This is why the details of choosing a policy are important. The details of a LTC plan are very important, more so than price.
    Answered on October 28, 2015
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