Things have changed in the last ten years. Americans are afraid to buy Long Term Care Insurance.

They have seen how the industry has raised premiums on existing policies. Others don’t like the “use it or lose it” proposition, where the premiums are not returned unless they file a claim.

Those Consumers who have a need, may want to consider life insurance (yes, life insurance!) with either a Chronic Illness Rider or Long Term Care Rider.

Cost for the rider is usually included in the life insurance premium or adds a small percentage to the premium. If a claim is not filed, the death benefit will still be payable to the family. Also, the cash value inside the life insurance can be paid to the policyholder if they decide to cancel. Not all policies have cash values, though.

On other idea if you are healthy: if you have an existing cash value life insurance policy, look into a life insurance 1035 exchange. You may be able to move your old policies into one of these newer policies with the riders at little cost to you. It’s possible you may be able to even reduce your current cost. Ask your insurance advisor for advice.