Life Insurance Basics
What is a life insurance and annuity combination?
Some insurance products combine life insurance and annuity features. A hybrid life/long-term care policy provides a death benefit and long-term care benefits. A life insurance policy with an annuity rider provides both death benefit protection and guaranteed income. These combination products can simplify financial planning.
Key Points
- Hybrid life/LTC: provides death benefit and long-term care benefits
- Life insurance with annuity rider: death benefit + guaranteed income
- Combination products simplify financial planning
- Use life insurance proceeds for long-term care if needed
- An independent agent can help you evaluate combination products