One option for Hybrid long term care insurance gaining traction in the market is Securian’s Hybrid LTC policy SecureCare III. Offering a distinct approach to long-term care coverage, this policy recently went through rate changes in 2023 allowing more LTC benefits for premiums paid in.

Key Features

Combination of Life Insurance and Long-Term Care Coverage: SecureCare III Hybrid LTC combines life insurance and long-term care coverage, ensuring your investment is put to use either through long-term care benefits or as a death benefit for your beneficiaries.

Flexible Premium Payment Options: This hybrid policy offers various premium payment options, including single-pay, 5-pay,7-pay, 10-pay, and 15-pay plans. These options provide flexibility in selecting a payment schedule allowing you to maintain your current lifestyle without breaking the bank.

Guaranteed Death Benefit: SecureCare III Hybrid LTC includes a guaranteed death benefit, ensuring that if long-term care is never needed, your beneficiaries will receive a payout, protecting your financial legacy and offering peace of mind. Like Nationwide’s CareMatters II, there is a residual minimum death benefit paid out to your beneficiaries even if you’ve exhausted ALL of your LTC benefits.

Wondering how SecureCare III stacks up against other hybrid long-term care insurance policies? Request a side-by-side quote from LTC Tree today!

Cash Indemnity Benefits

Unlike traditional reimbursement-based long-term care policies, SecureCare III Hybrid LTC pays out a monthly cash indemnity benefit when you need care. This means you have the flexibility to use the funds as you see fit, without the need for submitting receipts or itemized bills.

There’s no doubt, cash indemnity benefits are by far the better way to go on claim for one simple reason: the monthly process of submitting receipts and paperwork to your insurance company and then waiting for approval and reimbursement is over. You just receive your full benefit each month once your claim is approved. There is no monthly accounting burden.

Having talked with thousands of clients who have parents on claim and hearing all of their experiences (both good and bad) we highly recommend a cash indemnity plan if it is competitive.

Important Riders

Inflation Protection: To ensure your policy’s benefits keep pace with the rising cost of long-term care, SecureCare III Hybrid LTC offers optional inflation protection riders. These riders help maintain the value of your policy benefits over time, providing adequate coverage when needed.

Waiver of Premium: Once you start receiving long-term care benefits, SecureCare III Hybrid LTC waives any remaining premium payments, allowing you to focus on your care needs without worrying about financial obligations.

SecureCare III Hybrid LTC offers unique features designed to address a variety of needs and financial goals. When considering this policy or other hybrid options, it’s essential to carefully evaluate your unique needs, financial goals, and potential care requirements with a financial professional.

Sample Policy Designs

Securian allows SecureCare III designs with a few notable features. First off, you can select a benefit period of between 4 and 8 years. Your personalized illustration will include ALL of these options on a single page.

We previewed a 57-year-old Male paying a $100k single premium, and the sweet spot for benefits seemed to be a six-year benefit period. The $100k single premium created over $1,200,000 in LTC benefits by age 85, paying $15,711/mo in LTC cash indemnity benefits.

If the same client scaled back to a four-year benefit period, total age 85 benefits drop by $400,000 and the monthly benefit is only $600/mo higher. For 95% of clients, we’d recommend the six year benefit period, after asking a few questions about their particular scenario.

What is LTC Boost?

One feature Securian introduced with SecureCare III was LTC Boost which favors Long-Term Care benefits over life insurance or cash value. We recommend this feature for most clients, but again a short conversation about your personal goals is in order with a professional.

Next Steps to Compare

There is definitely no one size fits all Hybrid Long Term Care Insurance plan. Securian is known for being very competitive at times, and currently ranks #1 on our “Honor Roll” of companies ranked by value.

The policy is very full featured, but it is well worth comparing, side-by-side, with other competing products including Nationwide CareMatters II, Brighthouse SmartCare (both cash indemnity) as well as Lincoln MoneyGuard, and for couples OneAmerica’s AssetCare is worth a look.

As independent agents, we are able to provide comparisons of all of these companies, and more. We have agents appointed with 14+ LTC and Life insurance companies who can provide a free in-depth analysis.

Ready to speak with an agent about your long term care needs? Request a side-by-side quote comparison from LTC Tree to find the best hybrid long-term care insurance policy that’s right for you!