Your Guide to Choosing Long-Term Care Insurance
Not sure what’s even out there? Start with this guide.
​
Your age significantly influences the type of long-term care insurance product that’s most appropriate for you, but there are pros and cons to each available policy. Check out our breakdown of the most suitable long-term care insurance options according to different age brackets.
​
Not all policies may be available in all states.
Age Range: 40s to 60s
Linked Benefit Policies
Primary focus on long-term care but might also offer a death benefit. If long-term care isn’t used, a death benefit goes to beneficiaries.
PROS: Guaranteed premiums and benefits; option for inflation protection.
CONS: Generally more expensive than traditional policies.
Stand-alone Long-Term Care Insurance
Exclusively designed for future care needs. No death benefit, but some policies might offer a return of premiums.​
PROS: The most coverage for the least premium amount.
CONS: Lacks a death benefit.
Age Range: 60s to 80s
Long-Term Care Annuities
Offers a balance of leverage and tax benefits.
PROS: Tax advantages; potential for more leverage in funding long-term care.
CONS: Typically less comprehensive than other long-term care insurance options.
Age Range: 60s and beyond
Home Health Care Service Contracts
Service contracts (not insurance) that cover nonmedical home care hours. These are an option for those anticipating the need for care in the next 10 years, regardless of age.
PROS: No medical underwriting or age limits; helps seniors stay at home.
CONS: Doesn’t cover care in a facility.
Age Range: 30s to 50s
Hybrid Life/Long-Term Care Insurance Policies
Dual protection with life insurance as the primary focus. Death benefit can be accessed early if long-term care is needed.
PROS: Provides life insurance; death benefit is paid tax-free.
CONS: Long-term care benefits typically don’t increase over time.