Foss placed a policy for a client recently, and the client has the option of using it for long-term-care insurance if necessary or taking the money for retirement.

"A lot of advisors have not heard of these hybrid policies today," says Rob Russell, president of Russell & Company in Dayton and Cincinnati, Ohio. "If you have a $1 million life insurance policy, that is more than enough to pay for nursing home care for four years with a little left over for a death benefit," Russell says. "In some policies, 96% of the death benefit is available for long-term care, with whatever is not used of the original premium available for payout as a death benefit."

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