Sometimes there is confusion and dilemma between life insurance policy and long term care insurance policy. Actually, both are different in nature with different benefits and facilities. Though its both have same generic qualities, they are slightly different in few crucial aspects.
The different aspects of differentiation are discussed as follows:-
Benefits of Long term care insurance policy:-
- Long term care insurance policy provides inflation protection which is a huge benefit over life insurance policy.
- Long term care insurance policy provides a better and more delicate care for your future and after retirement life.
- It provides care and services for a quite prolonged period of time. It also provides cares i various nature like nursing facilities, home care etc. the cares are specialised and professionally provided.
- Long term care provides an option of Hybrid plan (customised or combined), which provides a scope and option for huge customisation of your policy and premium.
- In this hybrid plan your family or the loved ones get the remaining of the insurance if someone passes away before availing the facilities of any type from the long term care insurance policy.
Benefits of life insurance policy:-
- You can receive the amount of your life insurance policy at any point of time.
- You can withdraw the cash from the life insurance policy even if you are still alive and kicking.
- You can sell your life insurance policy or keep the money, if withdrawn.
- You can even take out the cash from life insurance policy & arrange long term care like facilities for your future needs. Better still, you can get a long term care insurance policy with that money.
- The benefits for married couple is if a person passes away first, their counterpart are covered in the same way without any differentiation.
- Consistent nature of premiums helps to keep it in check. The premium remain same for the life time in life insurance policy.
Therefore, considering both the cases we can say they both have some special advantages. But now days in the trend of self dependency, long term care insurance are more beneficial and feasible in nature.