Has anyone purchased or heard of these so-called New Hybrid Life Insurance Long Term Care Policies?
I was listening to this regular financial advice program on Mondays and the man who advises was speaking about Long Term Care Policies. He said most people shy away from them because they cost so much and if they die before using, no one gets the money back. However, he said there is a new Hybrid Life Insurance Long Term Care Policy which will pay so much for your long term care and if one dies before using it, they return the sum you paid (ex: $100,000.00) plus a bit of interest to your beneficiary. It is also tax-free. There must be things to this type of policy that he did not have time to relate on the program and I wondered if any of our posters ever heard of this policy or even purchased it. In regular LT policies if you don't use it, you "lose" it and this one returns the money to you if you change your mine and want to cancel it or if you die. He did mention premiums are different according to what age you purchase it etc.
Any info you can share will be appreciated. Thanks.