Grange Insurance announced that they are now offering a new life insurance product that couples life insurance coverage with long term care coverage, “No Lapse Guarantee” life policy (NLG).

The life insurance portion of the policy is a hybrid between a Term policy and a Permanent policy. The usual Term policy provides term length options of 10 years, 20 years, or 30 Years. This policy allows you to pick the age that you would like the policy to provide coverage until. In essence it acts like a permanent policy because the policy can provide coverage until age 120. The policy does not provide the cash value that some Permanent policies provide, but it is also less expensive than a Permanent policy.

With regards to the Long Term Care coverage that the policy provides, the policy provides a benefit of 2% per month of Long Term Care coverage. For example, if you setup the policy to have $100,000 of Life Insurance Coverage, then the policy would provide up to $2,000 (2% of $100,000) a month of Long Term Care coverage.

This policy would be ideal for someone over the age of 45 and is worried how their family would replace their income if they passed or how they would pay for the care they may need when they are older.