No, they serve two different functions. That being said, some life insurance policies have available a long term care rider that will pay the premium or allow access to a percentage of the death benefit if a person is unable to perform certain activities of daily living and need some type care. These plans are relatively new and are becoming increasingly popular. While most are not quite as good as a true long term care policy, they do present a good option if traditional Long Term Care Insurance is not affordable.
Long Term Care Insurance pays for bills incurred by the extended need for health care and/or assistance when people become unable to take care of themselves due to chronic illness or advanced age. Long Term Care benefit payments are made to them while they are still alive, so that they can pay their medical/housing bills. Or the payments go directly to the providers of such care (usually, a nursing home). When the insured person passes, the need for the coverage and the policy payments end.
Life Insurance pays the death benefit when the insured person passes away The face amount of the Life Insurance policy is paid to the beneficiary rather than the Insured person.
However, some life insurance policies do have riders or living benefits that allow part of the face amount to be used while the Insured is alive but terminally ill, unable to care for themselves, or a few other reasons. These hybrid policies can cover both purposes.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
No, Long Term Care insurance is not Life insurance. And Life insurance is not Long Term Care insurance. Both are insurances but neither one is car insurance either. Each are insuring different events. Long Term Care insurance provides for money to help pay for care provisions in the event that the insured requires medical and or personal care for an extended period of time due to illness or injury resulting in their inability to perform certain tasks for themselves.
Most life insurance companies now make available a provision or "rider" to Life Insurance Policies that will pay up to a large percentage of the death benefit for long term care. And generally speaking a LTC rider is a lot less costly that a stand-alone LTC policy.
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Life Insurance pays the death benefit when the insured person passes away The face amount of the Life Insurance policy is paid to the beneficiary rather than the Insured person.
However, some life insurance policies do have riders or living benefits that allow part of the face amount to be used while the Insured is alive but terminally ill, unable to care for themselves, or a few other reasons. These hybrid policies can cover both purposes.
Most life insurance companies now make available a provision or "rider" to Life Insurance Policies that will pay up to a large percentage of the death benefit for long term care. And generally speaking a LTC rider is a lot less costly that a stand-alone LTC policy.