Life Insurance for Long Term Care (Discounts & Rates)

Life insurance for long-term care is about $25/mo. If you're older than 54 years old, your life insurance and long-term care insurance could be over $700/mo. You could save on life insurance you choose term life insurance, but this type of policy may not include long-term care and has an end date. To secure cheap life insurance and long-term care insurance, you'll need to shop around and compare multiple companies.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Written by D. Gilson, PhD
Professor & Published Author D. Gilson, PhD

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 1, 2022

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The Highlights

  • The average cost of long-term care insurance is $25/mo
  • Long-term care insurance prevents expensive out-of-pocket costs
  • Most long-term care insurance policies supplement life insurance

Life insurance for long-term care can be expensive since most policyholders are older than 50 years old, which is when life insurance begins to increase.

You can supplement a life insurance policy; it’s essential to have a long-term care insurance policy with life insurance. The best life insurance companies provide long-term care insurance along with other insurance products.

Read through this guide to learn more about how to buy life insurance for long-term care and where you can find it.

Are you ready to see life insurance quotes for long-term care? Enter your ZIP code in the free online quote tool above to compare the best companies in your area.

How much are life insurance rates for long-term care?

Long-term care is often attached to life insurance as a rider. What’s a rider? A rider is an added benefit to term life insurance or permanent life insurance.

On average, term life insurance is about $9 to $11 per month. However, a rider can make your monthly payments at least $25 per month.

The older you get, the more you’ll pay for life insurance and long-term care insurance. Let’s look at the cost of coverage for 55-year-old policyholders who have long-term care insurance.

Average Monthly Long-Term Care Costs
Policyholder SummaryAverage Monthly Cost For 55-Year-Old PolicyholderLowest Monthly Costs for 55-Year-Old PolicyholderHighest Monthly Cost for 55-Year-Old Policyholder
Single Male$142$156$257
Single Female$223$262$424
Couple (Combined Premium)$254$402$711
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As you can see, insurance for anyone over 54 is more expensive than average. Long-term care insurance saves you thousands of dollars per year.

So what’s better for you? Continue reading to learn more about long-term care insurance and life insurance.

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Can I purchase life insurance and long-term care insurance together?

The short answer is yes. When you buy life insurance for long-term care, your premiums are usually more expensive.

However, some life insurance companies provide a discount when you have more than one type of insurance policy. Term life insurance with a long-term care rider is sometimes called a hybrid insurance policy.

If your life insurance company doesn’t have long-term care insurance, compare long-term care insurance companies.

How does long-term care work?

Long-term care provides services where health insurance won’t cover, and it comes with a policy limit. A reliable permanent life insurance policy can supplement your long-term care insurance.

This is standard under hybrid insurance policies. What’s hybrid insurance? Hybrid insurance is a combination of insurance policies wrapped into one. These insurance types are helpful when Medicare or Medicaid fails.

What are the pros and cons of hybrid life insurance?

The pros of hybrid life insurance are life insurance can quickly cover long-term care when something happens. Also, the government gives you leniency on taxes.

But the cons are the high prices. Even if you get a stand-alone long-term care policy, the rates are costly.

If it’s in your budget, try to get an annuity. There are tons of benefits, but there are some disadvantages. The sooner you get an annuity, the more prepared you’ll be for long-term care insurance.

Did we miss any long-term care insurance pros and cons? It may appear complicated but shop around until you find a policy that works for you.

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Life Insurance for Long-Term Care: What’s the bottom line?

Long-term care insurance costs can be expensive as you get older. If you rely solely on long-term care insurance, you’ll lose a lot on your policy limit over time.

Permanent life insurance, such as whole life insurance, can help you to protect against out-of-pocket costs. Study your options carefully so that you can get the most out of your policy.

Ready to find affordable life insurance for long-term care? Just use our free online quote tool below to find cheap insurance near you.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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