Solutions no matter your situation.
What's the best fit for your needs?
- Inflation protection available
- Maximizes long-term care coverage while minimizing premium commitment
- Tax deductible for business owners
- Can use HSA to pay premium
- Premiums not guaranteed (and historically increased)
- “Use it or lose it” – no cash value or benefit unless you require long- term care
- Annual Premium: $1300
- LTC Coverage: $3000 monthly
- Period of Coverage: 24 months (2 years)
If the client went into a long term care facility, he or she could use their benefits of $3000 monthly for 24 months.
If the client never needed benefits, they would receive no return of premium. Or if the client only used a portion of the benefits, no return of premium would be refunded.
- Largest death benefit coverage
- Relatively low cost to add rider to life insurance
- Well suited to pay benefits on a monthly basis
- If LTC us used, death benefit is reduced
- No return of premium available
- No inflation protection
- Annual Premium: $5,000
- Life insurance = $400,000
- Long term care benefits (2% rider) = $8000 monthly for 50 months
If the client went into a long term care facility, he or she could use up to $8000 monthly for their care.
If client passes away before some or all of their benefits their beneficiary receives the unused amount.
- limited or no medical underwriting
- can utilize cash values of existing policies
- flexible payment options
- return of premium options available
- guaranteed premiums (will not increase)
- long term care and life insurance benefits
- funds can apply to either spouse’s LTC needs
- opportunity cost with use of premium
- large financial outlay upfront
- not same tax advantages for business owners
- One time premium: $50,000
- LTC “pool of benefits” = $150,000
- Life insurance = $100,000
If the client went into a long term care facility, he or she would have access to a total pool of benefits of $150,000.
If client passes away before using the benefits their beneficiary would receive the death benefit.
- Zero up front costs while retaining liquidity
- No plan in place
- Use of personal assets required upon need of long- term care