As an adult child confronting the long term care needs of your elderly parents, you probably begin to wonder how you will be able to cover your potential need for long term care in the future. Along those lines, you may have even investigated into purchasing a stand-alone long term care policy, but found such an option cost-prohibitive.
Well, there are additional emerging combination options that may work well for you. Specifically, there are now fixed annuities as well as life insurance products that provide long term care benefits, if the need arises. Before you give up on thoughts of long term care insurance altogether, you may want to learn about these emerging “hybrid” policies.
To learn more about the combination of fixed annuities and/or life insurance policies with long term care insurance provisions, as well as the pros and cons of each, take a look at this information.
If you are seriously considering the purchase of any type of financial product, consult with both your financial advisor and your estate planning attorney to review your individual situation and determine your best options.