Can You Convert Whole Life Insurance to Long-Term Care Insurance?

Shawn Plummer

CEO, The Annuity Expert

Conversion Options

  1. Exchange for Long-Term Care Annuity or Hybrid Policy: You can convert your whole life insurance policy into a long-term care annuity or a hybrid long-term care insurance policy. This process involves exchanging the whole life policy for a product that covers long-term care expenses.
  2. Use of Accelerated Death Benefit (ADB): If your whole life insurance policy includes an accelerated death benefit feature, it may allow you to access a portion of the death benefit while you are still alive. This feature is particularly useful for covering long-term care expenses.

How It Works

  • For Annuity or Hybrid Policy: The cash value of your whole life insurance policy is used to purchase a long-term care annuity or hybrid policy. These policies combine long-term care benefits with life insurance coverage or an annuity.
  • Accelerated Death Benefit: This feature can be activated if you meet specific criteria, such as having a terminal illness or requiring long-term care. The insurer pays a portion of the death benefit in advance, which can be used for your care.

Comparison of Conversion Options

FeatureWhole Life Insurance ExchangeAccelerated Death Benefit
PurposeConverts policy for long-term care coverageAccesses funds for immediate care needs
Type of BenefitLong-term care coverage or combined with life insurance/annuityPortion of death benefit in advance
Eligibility RequirementsPolicy exchange process must be followedMust meet criteria like terminal illness
Impact on Death BenefitMay reduce or change the nature of the benefitReduces the final death benefit


Converting whole life insurance into long-term care coverage is a strategic decision to address future care needs. Whether you exchange your policy for a long-term care-focused product or use an accelerated death benefit, these options provide financial flexibility and security. Understanding these options ensures that your insurance meets your evolving needs. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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