As of 2023, Pacific Life no longer offers stand-alone long-term care insurance policies; however, they do offer three hybrid policies –– that is, life insurance policies –– that include extensive coverage for long-term care services.
The benefit of obtaining long-term care insurance in this fashion boils down to the chance that you might never need long-term care. If you pass away without ever using your benefits, then your loved ones will still receive a death benefit, as opposed to letting that money go to waste.
Pacific PremierCare Advantage
A universal life insurance policy with long-term care benefits, PremierCare Advantage provides tax-free death benefits to beneficiaries in addition to a surrender policy option. Once you make a one-time premium payment, you’ll receive the policy’s long-term care benefits, along with death proceeds for your beneficiaries, and Return of Premium benefit. This policy is great for seniors who want the satisfaction of a money-back option if they decide they don’t need long-term care services.
You can choose between either a 0-day or a 90-day elimination period, depending on the facility you choose for long-term care services. This policy also has optional inflation benefit options of five percent compound, five percent simple, or three percent simple interest, all of which will help your coverage rise to meet the rising costs of care. In addition to being reimbursed for the cost of your long-term care (up to your policy’s monthly maximum benefit amount), you can also receive a couples discount for policyowners who are in civil unions or domestic partnerships.
Pacific PremierCare Choice 100
A whole life insurance policy with long-term care benefits, PremierCare Choice 100 offers guaranteed death benefits that are paid to your beneficiaries should you pass away. Additionally, you have the option of surrendering your policy with a 100 percent Return of Premium benefit.
The policy also offers tax-free, long-term care benefits and death proceeds, in addition to a couples discount for your premiums. The elimination period for this policy is similar to Pacific PremierCare Advantage, which consists of an elimination period of 0 to 90 days.
Pacific PremierCare Choice Multi-Pay 100
PremierCare Choice Multi-Pay provides both life insurance and long-term care benefits for seniors, with level premiums over a duration of five or 10 years. The elimination period for this policy is similar to the other two policies: 0-90 days, depending on the services you choose.
Additionally, this policy offers a couple’s discount for those that are in a marriage, civil union, or domestic partnership. The discount will be applied to your premiums and doesn’t require both individuals to purchase separate policies. As for the residual death benefit, your beneficiaries will be guaranteed to receive an amount that’s equal to the lesser of five percent of your initial face amount, or a total of $5,000.
Under this policy, you’ll receive three guarantees.
- Return of premium: If you change your mind and don’t want long-term care coverage, you can surrender your policy at any time and opt for the Return of Premium benefit.
- Guaranteed full protection: If you need long-term care while you’re simultaneously paying your premiums, your policy’s benefits will be available to use from day one of your policy in effect. During this time, no premiums will be due (as long as you paid all previous premiums).
- Lockable benefits: Your benefits will be locked away in the event that you need to stop paying premiums.