One of the best ways to avoid concerns over long-term care insurance policies is to look for an insurer that offers the option of combining with a life insurance plan, according to the Chicago Sun-Times.
Major concerns that arise for the elderly in regards to long-term care insurance are the prospects of paying for the plan and never using it or not being able to afford the premium for the insurance by the time it's actually of use, according to the paper.
Combination long-term care and life insurance policies handle this problem by allowing any insurance benefits that are not used for assisted living or nursing home care to be added to the life insurance policy and passed on to any beneficiaries upon the policyholder's death. According to the paper, the policy can be funded with a large one-time deposit into a life insurance policy that is charged a fixed premium, thereby also avoiding the problem of increasing premiums.
The Sun-Times reminds readers that the time to look into life insurance policies is when they are healthy, since they will be subject to meeting underwriting requirements in order to gain coverage. This is a good rule of thumb for anyone looking into any type of life insurance policy.