Is Long Term Insurance a Substitute for Other Insurances?

People have a lot of questions about long term care insurance. Some people wonder if it is a substitute for other types of insurance, while others want to know how it works and what the benefits are. Here we answer some of the most common questions about this type of insurance policy. We also discuss how you can use it as a substitute for other types of coverage. 

What Is Long Term Care Insurance? 

This type of policy offers life insurance that lasts for at least 10 years. The period used to define long term care varies by state, and many insurers offer policies that last a minimum of 20 or 30 years. A major benefit to having this policy is that premiums do not increase over time. Also, most LTC insurance policies come with rider options that provide extra coverage for specific situations or conditions, like critical illness insurance or cancer insurance. 

Is Long Term Life Insurance a Substitute for Other Types of Coverage? 

Many people have more than one type of insurance policy to help protect themselves and their families financially. This is common since financial experts recommend covering as many bases as possible. However, long term life insurance can substitute for other types of coverage in the general situations discussed below. 

Group Life Insurance 

Many employers offer group life insurance to their employees. This is an excellent way to save money on life insurance premiums while getting extra advantages like survivor benefits for your spouse and dependents. But group life insurance only lasts as long as that organization employs you, so your coverage stops right away if you get laid off or otherwise separate from the company. If you have an LTC insurance policy in place, then you have the extra benefit of knowing that your coverage will continue for a set number of years even if you leave your employer. 

Disability Insurance 

Disability insurance is another type of coverage that helps protect employees. As with group life insurance, disability insurance does not cover people who are no longer working. If you have a long term life insurance policy, though, your coverage will continue even if you are disabled and no longer earning an income. 

Critical Illness Insurance 

Critical illness insurance is another type of rider attached to a long term life insurance policy. Critical illness riders provide benefits if you or a family member contracts cancer, has a stroke, or has several other life-threatening illnesses. These riders usually offer lump-sum payments to help the insured deal with expensive medical bills. Still, they can also be used as a substitute for disability insurance if you become disabled by one of these illnesses. 


Long term life insurance is a good way to cover yourself and your family in the event of death or if you or a family member experiences a critical illness. Long term life insurance policies provide peace of mind by helping to protect insureds for many years in different situations. If you need assistance finding and applying for long term life insurance, contact All Vest Associates.