Life Insurance with Long-Term Care


Many people will require assisted living or long-term care in old age. Studies suggest that around 70% of individuals over 65 need access to these services. It is also estimated that 18% of seniors require access to a nursing facility for longer than one year. Life insurance with long-term care is an excellent option to consider to help pay for the cost of long-term care. We will discuss this type of hybrid life insurance in this article.

The Cost of Long-Term Care

Many do not realize just how much long-term care can set them back. Prices for long-term care can reach close to $10,000 per month in some cases, but numerous factors affect the actual cost. A report by Genworth has provided an overview of the average prices charged per month for different types of long-term care solutions.

According to this report, adult day health care, a community and assisted living setting, is currently the most affordable at $1,690 per month on average. Moving into a nursing home with semi-private rooms costs $7,908 monthly on average, and a private room can go over $9,000, depending on the facility where the person is placed.

In-home care services can be similarly expensive, with homemaker services reported at an average of $4,957 per month during 2021. Home health aide services have also been reported at an average monthly fee of $5,148. Due to these high costs, it would be wise to obtain insurance at a young age to cover the costs when the need arises.

The Problem with Long-Term Care Insurance

Due to the worries of having to pay for long-term care at some point, many people decide to take out long-term care insurance at a younger age and continue to pay to ensure they are covered.

However, there is one primary concern with long-term care insurance. While many people will need access to these services, it does not always work out this way. If you pay for long-term care insurance over several years, only to pass away before you need access to these services, the funds spent on the plan are wasted.

How Life Insurance with Long-Term Care Solves the Issue

Life insurance with long-term care, sometimes called hybrid life insurance, solves this particular issue. This plan is similar to a traditional life insurance plan, which provides a payout in the event of death. However, it also provides coverage for long-term care should the insured party require this type of service.

While the cost of life insurance with long-term care is higher than that of a traditional life insurance plan, the benefits are important to consider. Additionally, you’ll pay less for a hybrid plan than for a separate life and long-term care insurance plan.


Hybrid life insurance can provide an excellent opportunity for people who may require long-term care at some point in their life. It is a better choice than standard long-term care insurance, which not every person will access during their lifetime. Consider the facts we listed to help you decide if life insurance with long-term care is right for you. Get in touch with the experts at The Voluntary Benefits Shop to find out how we can help you gain access to life with long-term care insurance.