It’s a difficult to get started to buy Long Term Insurance , it’s expensive and maybe will never use it. Life Insurance at least you know you will die sooner or later. I was offered a combined insurance with Nationwide Ins… now confused if that is a good idea. BTW I am 60.. Anybody has any suggestion or information about Nationwide? Thanks.
Home | Insurance | Blog article: Is Long Term Care Insurance combined with Life insurance is good or better separate policy?
StephenWeinstein 1:02 pm on February 9, 2010
I like the idea. If it is combined, and they deny you long term care benefits, and you die as a result, then they will have to pay the life insurance benefit, so they will not be as likely to profit from denying you care.
Chris C 1:02 pm on February 9, 2010
Typically a "rider" policy (something added on to/combined with a life policy) has a considerable amount of limitations compared to a seperate policy. It would be in your best interests to make sure you understand the differences between this LTC rider and a stand alone policy.
Contact a broker to find the best prices on either. A broker can shop around for you and make sure you are getting the best deal. I don’t know much about Nationwide insurance, but I’m sure they aren’t the best at everything for everyone…a broker can help you determine who is best for your situation.
As for maybe never using LTC? I doubt it…most good plans will pay out of you only need supervision in doing 2 of a 6 functions of daily living…something as simple as a seperated shoulder/broken arm or a badly twisted thumb can result in a payout. Many will stay inforce and pay out multiple times throughout a lifetime as well. Odds of it paying out are far greater than not.