'Combined' Insurance Policies Grow

Combined' Insurance Policies Grow from the Wall Street Journal

Sales of insurance policies that combine long-term-care with other forms of insurance are booming. But before buying, it's important to understand the possible drawbacks.

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Long-term-care insurance helps cover the cost of in-home care or nursing homes and assisted-living facilities. While sales of traditional policies declined during the recession -- to 235,000 in 2010 from 303,000 in 2007 -- sales of policies that package long-term-care with life insurance rose sharply, to 26,000 in 2010 from 15,000 in 2007, according to Limra, a nonprofit insurance and financial-services research organization.

Such "combined" policies pair long-term-care coverage with either life insurance or an annuity