A software company has developed a product that it says can help advisors tie a long term care policy to a policy that pays off if the client never needs long term care.

Preservation Advantage, Toledo, Ohio, says its Care Protector Plus Web-based program offers an opportunity to help clients protect themselves from the possible financial devastation of an LTC event. It also offers a way to transfer assets to family, loved ones or a charitable beneficiary, tax free.

Care Protector Plus searches a database for an LTC policy that fits a client’s specific needs, then helps select a permanent life policy that would facilitate tax-free asset transfers.

Preservation Advantage maintains that the software can provide a solution that is less costly than would be offered by a hybrid policy that combines long term care and life insurance, and it may also provide greater benefits.