5 products changing the Long Term Care conversation.
These products are being used to help clients plan for a potential long term care event. What makes these options most attractive is that these products provide flexibility and benefits that traditional long term care does not always provide…
Guaranteed Level Premiums – Death Benefit Option Return of Premium – Coverage for Multiple Insureds
- Nationwide’s Survivorship Guaranteed UL policy with a Long Term Care Rider.
- It is a survivorship guaranteed universal life policy that insures two lives using one policy and one death benefit. It includes a Long Term Care rider allowing each insured to accelerate 1/2 the death benefit to pay for long term care.
- Example $500,000 Male 65 Female 60 Preferred NS
- AIG’s Guaranteed UL with a Chronic Illness Rider and a Longevity Rider
- It is a guaranteed universal life policy that allows the nsured to use the death benefit to pay for chronic illness and/or receive income from the death benefit at a rate of 10%* per year starting at age 85.
- Example Male 55 Preferred NS $500,000
- Lincoln MoneyGuard 10 Pay Option + 80% Return Of Premium Option
- It is a linked benefit product traditionally structured as a single premium option with a 100% Return of Premium option. Now offers a 2-10 pay option and 80% Return of Premium option.
- Example Female 60 – $10,000 – 10 Pay – 80% Return Of Premium
- Protective’s Extended Care Rider on a Guaranteed UL to age 95
- Guaranteed UL with a Chronic Illness Rider allowing the insured to accelerate the death benefit for care at a rate of 5% of the Death Benefit or HIPAA per diem limit for 2016 ($10,200 Monthly)
- Example Male 65 Preferred NS $250,000 Guaranteed to age 95
- Example Female 65 Preferred NS $250,000 Guaranteed to age 95
- One America’s Asset Care I
- Survivorship Whole Life policy covers 2 lives with 1 death benefit and provides coverage for Long Term Care with an option for Lifetime coverage. The ability to use annuity in replacement of the WL policy and the ability to structure with Qualified money.
- Example Male 65 Female 60 Preferred NS $100,000 Single Premium
For more information contact one of the members of our sales team to help you review different options.