A relatively new alternative to Traditional Long-term Care Insurance Policies, Linked Benefit and Hybrids products provide the additional benefit of a life insurance or annuity policy. The two terms are used interchangably in the LTC industry, however Heartland has defined them this way...
A product that starts with a life insurance or annuity base product and "links" an LTC rider or agreement along with it, utilizing the death benefit or annuity value for the LTC pool of benefits.
A product that is designed from the ground up as a product that contains both a Life or Annuity component and a long-term care component to create a single product platform. Hybrid products usually have limited premium payment options, sometimes only Single-Pay, but do offer other advantages depending on the insured's needs.
Linked Benefit and Hybrid products offer Long-term Care coverage while providing another benefit of either life insurance or an annuity. Some products also can include surrender provisions that allow you to request a refund and cancel the policy... or surrender it sooner and accept a cash payment. And since some of these products can have a cash value, there are further options available to the client such as flexible premiums and even policy loans.
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