Guide
Mutual of Omaha Hybrid Long Term Care Insurance?
Exploring hybrid long-term care options: Mutual of Omaha and beyond
Mutual of Omaha is a well-known insurer with a solid reputation and a range of products, including traditional long-term care insurance. However, Mutual of Omaha does not offer a hybrid long-term care insurance product like the ones we review. In a fast-changing market, it pays to compare several companies and products. Below we cover the benefits of hybrid coverage and look at Securian's competitive policy as an alternative.
What hybrid long-term care insurance offers
Hybrid long-term care insurance is an increasingly popular way to prepare for long-term care costs. Unlike traditional long-term care insurance, a hybrid policy combines life insurance with long-term care benefits. If you need care, you draw on the policy's benefits to pay for it. If you don't, the policy pays a death benefit to your beneficiaries. Some hybrid policies also include a return of premium feature, so you can get some or all of your premiums back if you surrender the policy.
An alternative: Securian SecureCare Universal Life
While Mutual of Omaha does not currently offer a hybrid product, other reputable insurers do. One is Securian Financial, whose SecureCare Universal Life policy combines life insurance and long-term care coverage. Key features include:
- Cash indemnity benefits: It pays cash benefits for long-term care, giving you flexibility in choosing care providers and managing costs.
- Inflation protection: Optional inflation protection riders help benefits keep pace with the rising cost of care.
- International coverage: Long-term care services are covered both in the United States and abroad, useful if you travel or live overseas.
- Return of premium: You can get some or all of your premiums back if you surrender the policy.
- Flexible payment options: Choose a single premium or a 5, 7, 10, or 15-year payment schedule.
How to compare your options
Research and compare several companies and their products. Weigh features, benefits and costs: coverage options, waiting periods, inflation protection and customization. Beyond Securian's SecureCare Universal Life, other competitive policies may also fit.
It also helps to work with a qualified financial professional who can give personalized advice and guide you through the details of hybrid long-term care products.
While Mutual of Omaha does not currently offer a hybrid product, you still have good options, such as Securian's SecureCare Universal Life. Comparing several companies, with a professional's guidance, is the surest way to find a hybrid policy that meets your needs.
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