Hybrid insurance policies are becoming increasingly popular as people look for ways to get the best of both worlds when it comes to their coverage. These types of policies offer traditional and non-traditional coverage, giving policyholders the flexibility to customize their protection. One of the most common hybrid insurance policies is the combination life insurance policy, which combines a term life insurance policy along with a whole life insurance policy.
This protects for a set prolonged period, usually 20 years, and then pays out a death benefit in only those cases when the policyholder dies. The whole life portion of the policy kicks in after the term of life insurance expires and provides lifelong coverage. Here are the best hybrid insurance companies you should look for in 2022.
- Best Hybrid Life Insurance Companies 2022:
- Transamerica
Transamerica is among well-known insurance companies that offer hybrid life Insurance. Its approach to life insurance and long-term care plans is more adaptable than its competitors. Also, it provides a broad selection of products that may be incorporated to help you choose the finest long-term care and life insurance option for you. One of the most appealing policies they provide is a 5-year rate guarantee for an additional five years in your state.
The policy provides an eclectic mix of protection. It also offers long-term care annuities, which can return investment while also providing peace of mind by ensuring that funds will be accessible to pay for long-term care when needed.
- Mutual of Omaha
Mutual of Omaha is one of the oldest life insurance companies in existence and has earned a reputation for being one of the best. It offers a wide variety of life insurance products, including whole time term life, universal life, and indexed universal life.
Mutual of Omaha now provides a long-term care rider with life insurance in certain states. They offer several alternatives to customize your hybrid policy by combining high-quality and low-cost life insurance along with long-term care insurance.
- Northwestern Mutual
Northwestern Mutual is a well-known provider of long-term care insurance and life insurance since its hybrid choices are some of the bests on the market. Depending on your financial requirements, it offers a range of life insurance plans.
Long-term care insurance plans can be added to approved life insurance policies, allowing you to build your own hybrid policy. Such companies are also competitive and comparable to other major insurers, making them a popular choice for product alternatives.
- Lincoln Financial Group
With hybrid plans from Lincoln Financial Group, you can enjoy all these benefits and more. Hybrid insurance from Lincoln Group offers superior protection by combining different aspects of homeowners’ and auto coverage into one plan. This allows you to customize your policy based on your specific needs, ensuring that you have quality coverage in place no matter what happens.
Plus, you can add a long-term care rider to any of Lincoln Financial Group’s life insurance policies. It is easy to design your hybrid policy that meets your life insurance and long-term care needs.
- New York Life
Most great long-term care and life insurance providers allow you to mix policies, but New York Life offers a cost-effective bundle that includes both. Asset Flex by New York Life provides long-term care coverage and inexpensive life insurance with a money-back guarantee. Most of New York Life’s insurance plans are similarly flexible and affordable, enabling you to make changes if necessary. In addition, you can pay the premium in five or ten years rather than all at once.
- Agile Life Insurance
Agile Life Insurance’s policies may begin almost immediately. Unlike some of its rivals, you can purchase coverage from Agile Life Insurance as long as you are at least 18 years old and meet its age requirements. Long-term care benefits, other life insurance, and disability insurance coverage are available through Agile Life Insurance.
- Mutual Trust
There are many reasons why you should consider purchasing hybrid insurance from Mutual Trust. This insurance company provides comprehensive coverage in one policy, saving you time and money compared to buying multiple policies from different companies.
Hybrid insurance from Mutual trust is flexible and customizable, allowing you to adjust your coverage as your needs change quickly. With a trusted and reliable company like Mutual Trust that offers hybrid insurance, you must know that you will be well-protected in an accident or disaster.
- Nationwide Mutual Insurance Co.
Nationwide Mutual Insurance Co. offers you various advantages to pay any informal caregiver, such as a family member or friend, who gives your in-home care. Such companies also provide other benefits -for example, putting money into a cash benefit for later usage. If you qualify, you won’t be required to submit monthly bills and receipts to the company for coverage. Your beneficiary will get at least a 20% minimum death benefit whether you use all of your help on long-term care or not
Wrap Up
No matter your financial situation or needs, there is a life insurance policy with a long-term care rider available to meet them. These hybrid policies offer the best of both worlds by combining the death benefit protection of life insurance and the long-term care benefits of a traditional policy. This makes it easy to get the coverage you need at a price you can afford while giving you peace of mind knowing you and your family are protected.