Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Oct 22, 2021

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Facts You Should Know

  • Hybrid life insurance/long-term care policies are only available with six major life insurance companies
  • Combining your life insurance with long-term care can guarantee your beneficiaries receive your investment even if you don’t use the long-term care benefits
  • MassMutual and Nationwide are among the top life insurance companies that offer hybrid policies with long-term care

The biggest risk when buying long-term care insurance is never knowing if you’ll actually need it.

With the worst long-term care insurance companies, your beneficiaries won’t receive any of your premiums back should you pass without using the coverage.

If you want to protect your health and your family’s financial future, shop for coverage with life insurance companies that offer hybrid life insurance/long-term care policies.

Some companies offer specific life insurance policies with long-term care riders while others provide customizable plans.

Compare before you buy life insurance so you don’t overpay for long-term care benefits you won’t need. Read our guide now to compare the best hybrid life insurance long-term care policies.

Compare life insurance companies now for free with our comparison tool above. Enter your ZIP code to get free life insurance quotes from providers in your area.

Which are the top life insurance companies that offer hybrid policies with long-term care?

Whole and universal life insurance policies with long-term care riders are more common, but you can still find affordable life insurance companies that offer hybrid life insurance/long-term care insurance policies.

Here is a list of the top six providers offering hybrid life insurance:

  • Mutual of Omaha
  • Nationwide
  • Lincoln
  • Pacific Life
  • MassMutual
  • Securian

Hybrid coverage with long-term care is one of the best types of life insurance policies on the market.

Despite the higher life insurance rates, hybrid policies are still cheaper than traditional long-term care policies and come with the added benefit of canceling without losing premiums.

Each hybrid life insurance policy requires customers to choose their monthly long-term care benefit amounts, a benefit period length, and inflation protection that adjusts for future increases in long-term care costs.

The higher your monthly benefit amount, the more money you pay into your policy. Typically, most people choose long-term care coverage of $100,000 or more with benefit periods lasting up to 6-7 years.

Scroll down for a close comparison of these life insurance companies that offer hybrid long-term care insurance. We’ve included financial and customer satisfaction ratings and monthly benefit amount when available.

Mutual of Omaha Hybrid Life Insurance

With Mutual of Omaha, each policy comes with cash benefits rather than reimbursement options, which means there’s no need to send in receipts. Additional benefits include a personal healthcare coordinator.

Mutual of Omaha can pay an average of $3,100 per month in long-term care benefits for a monthly rate of around $160, but your rates and benefit amounts can vary based on the options you add to your policy.

A.M. Best awarded Mutual of Omaha an A+ for financial strength, but its NAIC complaint index score is 1.22. Mutual of Omaha has an average amount of customer complaints, but also more than other life insurance companies on this list.

Nationwide Hybrid Life Insurance

Nationwide’s new hybrid life insurance/long-term care policy is called CareMatters II, an upgrade from the previous CareMatter plan. Nationwide can pay out an average of $3,700 per month on a $100,000 single-pay policy, which is very competitive.

The new policy also offers a tax-free life insurance benefit that is equal to the amount in premiums you paid. Nationwide will also pay the full monthly insurance benefit amount, and your beneficiaries are allowed to keep any amount leftover.

The biggest perk of Nationwide’s hybrid policy is the cash-out value. Should you cancel or change your policy, Nationwide will pay back most of your premiums, minus a surrender surcharge.

A.M. Best awarded Nationwide an A+ for financial strength, and its NAIC complaint index score is .43. Customer satisfaction is high among Nationwide policyholders, but the company still has more complaints than other providers on this list.

Lincoln Hybrid Life Insurance

MoneyGuardⓇ III is a hybrid universal life insurance policy that provides cash value while offering long-term care. Lincoln Financial Group can pay out an average of $3,000 per month on a $100,000 single-pay policy.

Long-term care benefits include a terminal illness rider and monthly payments for home care, assisted living, nursing homes, or adult daycare.

Lincoln may not offer as many long-term care benefits at competitive rates as other hybrid policies, but it has unique features for those who are worried about losing money on benefits they never use.

For example, your beneficiary will receive a tax-free insurance payout of about 20% more than you paid in if you never use your long-term care benefits.

A.M. Best awarded Lincoln an A+ in financial strength, and its NAIC complaint index score is .10. Despite its higher rates, Lincoln has fewer customer complaints than other providers of its size.

Pacific Life Hybrid Life Insurance

Pacific Life offers two hybrid life insurance/long term care policies:

  1. PremierCare Choice 100, which gives back all of your premium payments if you decide to cancel the policy, and;
  2. PremierCare Choice Max, which returns 70% of your premiums should you cancel within the first 15 years of the policy.

The other big difference between these two policies is that you get more long-term benefits for the same price with Choice Max. If you don’t plan on canceling your policy, Choice Max is the better option.

Pacific Life can pay out an average of $3,400 per month on a $100,000 single-pay policy. However, Pacific Life does not provide 100% of your benefits with indemnity options while other providers do.

If you plan on having long-term care outside of your home, this may not be the best policy option for you.

A.M. Best awarded Pacific Life an A+ for financial strength, and its NAIC complaint index score is .11.

MassMutual Hybrid Life Insurance

MassMutual offers two whole life insurance policies, CareChoiceOne and CareChoiceSelect. Both come with long-term care benefits, but CareChoice Select allows premiums to be paid over 12 years rather than all at once.

Each policy comes with a pool of flexible benefits you can customize to your needs and a policy surrender value that increases over time. This surrender value will be paid back to you should you decide to cancel your policy.

If you keep your policy but never use your long-term benefits, a tax-free death benefit will be paid out to your family.

A.M. Best awarded MassMutual a financial score of A++, the highest of any provider on this list. Its NAIC complaint index score is .14, which is slightly higher than other providers on this list but still very low compared to other insurance companies.

Securian Hybrid Life Insurance

Securian SecureCare is one of the few hybrid life insurance policies on this list that does not require policyholders to submit receipts for payments.

You are allowed to spend your long-term care benefits without restrictions, and it will even cover ancillary care expenses.

Securian can pay out an average of $3,500 per month on a $100,000 single-pay policy, which is very competitive given the freedom policyholders have with their benefit amount.

A.M. Best awarded Securian an A+ in financial strength, but its NAIC complaint index score is 3.66, significantly higher than other companies of its size and higher than any other provider on this list.

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What You Need to Know About Life Insurance Companies That Offer Hybrid Policies with Long-Term Care

Before you buy hybrid life insurance/long-term care policies, it’s important to note that most of these policies expect the premium to be paid upfront in one lump sum. Only Mutual of Omaha and MassMutual allow policyholders to break up hybrid long-term care insurance rates.

Further, most life insurance companies that offer hybrid policies operate on a reimbursement system. Certain care facilities and types of care can be excluded from your policy.

If you prefer to spend your long-term care benefits how you want, it’s better to shop for policies that offer cash benefits from life insurance companies that don’t offer hybrid life insurance/long-term care.

When it comes to finding the best life insurance companies that offer hybrid life insurance/long-term care policies, it seems like Nationwide and Securian are the best for coverage and cash benefits.

However, Securian has more customer complaints than any other provider on this list.

Pacific Life has very few customer complaints but slashes cash benefits by 20% if you don’t choose their reimbursement option.

With flexible coverage options, a premium payment plan, few customer complaints, and the strongest financial rating, MassMutual is the strongest provider on this list offering hybrid life insurance with long-term care.

However, its rates are not available online, meaning you could find more affordable hybrid life insurance/long-term care coverage with smaller providers in your area.

Enter your ZIP code below to start shopping for hybrid policies from local providers today for free.