Can A Term Life Insurance Policy Be Converted Into A Long Term Care Policy? 
No , because life insurance is legally different than long-term care insurance from a state regulation perspective . But ... many life companies are now offering in some states what 's known as `` living benefit riders '' which are a liberalization of the old `` accelerated death benefit '' riders . The new living benefit riders essentially permit a pre-death cash payout of some amount of the life insurance policy amount if you become what 's called `` chronically ill . This generally means unable to perform 2 of 6 daily activities of living . Bottom line ? Pre-death cash payouts from such riders can be used for long-term care , medical care or any purpose . We now recommend these riders to every life insurance applicant because they can provide a lifesaving injection of cash to a family in need and are an alternative to costly long-term care insurance . Best of all , they are free or cost only very little extra . 