Melissa Morris has a BS and MS in exercise science and a doctorate in educational leadership. She is an ACSM certified exercise physiologist and an ISSN certified sports nutritionist. She teaches nutrition and applied kinesiology at the University of Tampa. She has been featured on Yahoo, HuffPost, Eat This, Bulletproof, Vitacost, LIVESTRONG, Toast Fried, The Trusty Spotter, Best Comp...

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Written by Melissa Morris
Professor of Nutrition & Kinesiology Melissa Morris

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Car Insurance Agent Daniel Walker

UPDATED: Apr 24, 2022

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Don't Miss These Facts

  • Policies with nursing home riders are also called hybrid long-term care insurance policies
  • Hybrid long-term care insurance allows you to add a long-term care rider to a personal policy instead of having to buy traditional long-term care insurance
  • Some of the best life insurance companies that offer nursing home riders are New York Life, Mutual of Omaha, and Lincoln Financial

When planning for the future, finding life insurance companies that offer nursing home riders can help to cover the costs of long-term care.

Without insurance, long-term care can be very expensive, so choosing the right insurance company that gives you the coverage you’ll need at an affordable price is important.

Insurance policies with nursing home riders are also called hybrid long-term care insurance policies. They combine a personal policy with a long-term care rider.

So what are the different types of life insurance you can combine with a long-term care rider? And what are the best life insurance companies that offer policies with nursing home riders?

Read through our guide on companies with the best life insurance with long-term care to find out everything you need to know before you buy.

Looking for affordable life insurance companies that offer policies with nursing home riders? Enter your ZIP code to get free quotes from life insurance companies that offer policies with nursing home riders.

What are the best life insurance companies that offer long-term care options?

Because adding a nursing home rider onto a personal policy, such as term life insurance or whole life insurance, isn’t as common as buying a traditional long-term care policy, there are many life insurance companies that don’t offer policies with nursing home riders.

However, the best and most affordable life insurance companies that do offer nursing home riders are New York Life, Mutual of Omaha, and Lincoln Financial.

New York Life

If you’re looking for an affordable policy with long-term benefits, New York Life has some of the cheapest rates available with the added benefit of flexible payment options.

New York Life’s hybrid long-term care insurance option is called Asset Flex and provides a long-term care rider you can add to your personal policy.

With Asset Flex, you can receive up to seven years of long-term care. Plus, even if you end up using all of your long-term care benefits, your beneficiaries can still receive a death benefit.

Rates for Asset Flex start at $10,000, and you can pay upfront or in installments over the period of five or 10 years.

If you’re looking to get the most out of your money, Asset Flex from New York Life may be a good fit for you.

Mutual of Omaha

Mutual of Omaha offers some of the best hybrid life insurance long-term care policies you can buy. Mutual of Omaha allows you to personalize your insurance policy and add a long-term care rider so you can get the exact amount of coverage you need at an affordable price.

The rates for hybrid long-term care insurance policies from Mutual of Omaha start at $15 a month.

Mutual of Omaha also has traditional long-term care insurance policies available that offer a 30% discount for married couples that purchase the same policy and a 15% discount for people who are in good health.

The low rates, flexibility on policies, and wide variety of long-term care options available make Mutual of Omaha one of the best life insurance companies for affordable, personalized coverage.

Lincoln Financial

Lincoln Financial offers a type of hybrid long-term care insurance policy called MoneyGuard II. This policy allows you to combine a universal life insurance policy with a long-term care rider without having to take a medical exam.

Along with offering flexible payment options, the policy also offers tax-free reimbursements for some long-term care expenses, a tax-free death benefit for your beneficiaries, and return of premium options.

If you are looking for a straightforward policy with many long-term care benefits, MoneyGuard II from Lincoln Financial may be worth considering.

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Why do I need long-term care insurance?

Long-term care riders allow you to access a portion of your death benefit during your coverage period to help pay for long-term care. With most insurance policies, the highest amount of your death benefit that you can access is around 70%-80%.

Accessing your death benefit early can help you to cover the costs for care and services you may need as you get older, such as medical care and assisted living, since these costs can be very expensive.

On average, the cost for a private nursing home room is $8,821 a month.

Having access to your death benefit during this time can help you get the care you need at an affordable cost.

What are some hybrid long-term care insurance pros and cons?

One of the main reasons why hybrid long-term care insurance is such a popular long-term care option is because if you don’t ever end up needing long-term care during your coverage period, the rates you paid can go towards the death benefit.

Hybrid long-term care insurance also builds a cash value and has fixed rates.

All of these benefits make hybrid long-term care insurance a good fit for individuals that want the safety and security of knowing that their money will be put to good use regardless of whether or not they end up using their long-term care benefits.

With traditional long-term care insurance, your rates usually aren’t refunded if you don’t use your long-term care benefits.

However, there are a few drawbacks to hybrid long-term care insurance policies.

Because hybrid long-term care insurance extends the coverage of your personal policy to include long-term care, it doesn’t offer as much coverage as a traditional long-term care insurance policy does and is usually more expensive to buy.

However, hybrid long-term care insurance rates vary depending on what kind of policy you buy. So you’ll have to compare rates from life insurance companies that offer policies with nursing home riders to see what company fits your budget and your coverage needs.

If you are unsure of whether you’ll use your long-term care benefits or not, a hybrid long-term care insurance policy can provide a safety net and may be the right fit for you. However, if you want a more full-coverage policy dedicated completely to long-term care, a hybrid policy may not be the best option for you.

Before your buy life insurance from companies that offer policies with nursing home riders, enter your ZIP code to get free quotes.

  1. https://www.forbes.com/advisor/life-insurance/long-term-care-hybrid/