Week 18
What does your LTC look like?
Of the various types of insurance that most people will need at some point in their lives, among the most neglected is long term care (LTC) insurance. Many mistakenly assume that medicare and supplemental health insurance will take care of it, or that it is something that they will never need. Others believe that they can simply wait until reaching retirement age to purchase it. And of course many hate the idea of throwing large premiums at a policy that they may never get any benefit from if they never need long term care or in home care.
The good news is that the market has produced some innovative options to make this coverage more affordable and enticing to consumers. Two attractive solutions have emerged: Firstly, life insurance companies have added long term care riders that allow the insured to access portions or all of their death benefit amount early if needed for long term care. This gives them a level premium for life, and also ensures that they will get benefits either way, either through the death benefit to beneficiaries or accelerated benefits for long term care. The other attractive option is asset based long term care. This is for individuals that have a lump sum of money that they can afford to set aside for long term care. These policies leverage that money for up to 3 times the amount to cover potential long term care needs! For example, $50,000 invested in an asset-based LTC policy may actually produce up to $150,000 in LTC benefits. Many of these policies also keep the money liquid for the policy-owner if they need to pull it out early for an emergency!
Your assignment for this week is to 1- read the attached "Facts about Long Term Care" article and 2-find out if your life insurance has any long term care benefits and/or obtain a quote for a policy that has these benefits. Please contact LIFE1010 for more details on a policy customized specifically for you!
The good news is that the market has produced some innovative options to make this coverage more affordable and enticing to consumers. Two attractive solutions have emerged: Firstly, life insurance companies have added long term care riders that allow the insured to access portions or all of their death benefit amount early if needed for long term care. This gives them a level premium for life, and also ensures that they will get benefits either way, either through the death benefit to beneficiaries or accelerated benefits for long term care. The other attractive option is asset based long term care. This is for individuals that have a lump sum of money that they can afford to set aside for long term care. These policies leverage that money for up to 3 times the amount to cover potential long term care needs! For example, $50,000 invested in an asset-based LTC policy may actually produce up to $150,000 in LTC benefits. Many of these policies also keep the money liquid for the policy-owner if they need to pull it out early for an emergency!
Your assignment for this week is to 1- read the attached "Facts about Long Term Care" article and 2-find out if your life insurance has any long term care benefits and/or obtain a quote for a policy that has these benefits. Please contact LIFE1010 for more details on a policy customized specifically for you!
Homework:
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O - Read "Facts about Long Term Care"
O - Find out if your life insurance has any long term care benefits and/or obtain a quote for a policy that has these benefits. Please contact LIFE1010 for more details on a policy customized specifically for you! |
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