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*Simplified underwriting means you answer a few questions about your medical history for the life insurance application, rather than undergoing a medical exam.
Traditional long-term care insurance is comprehensive. It provides a daily benefit, with optional inflation, for a maximum or an unlimited number of days.
Life insurance with a long-term care rider accelerates a portion of the death benefit to cover the cost of long-term care.
Life/Long-Term Care hybrid policies* apply premiums to two benefits, death, and long-term care. Long-term care expense is first provided from the death benefit. If the life insurance benefit is exhausted funding is provided from the LTC rider.
Living benefits are policies that advance the death benefit in the event of chronic, critical or terminal illness. The benefit is paid in cash without restriction. A benefit is paid in either a chronic or death claim.
Annuity/LTC hybrids* offer the advantages of annuities: asset protection, an opportunity for growth and a guaranteed future payout. The long-term care rider increases the pool of money available for long-term care by asset multiples of two to three times. An advantage is you retain access to your money.
Annuities with nursing home/ADL benefits* offer the same advantages of annuities. A rider increases the income payout when the owner is confined to a nursing home or cannot do two of six activities of daily living.
A Medically Underwritten SPIA guarantees a lifetime income for a lump sum single premium. This is a good solution for an existing nursing home patient who is worried about running out of money for private payment.
Short-term care insurance* provides coverage with a smaller amount of benefits. It provides a buffer until longer care needs are assessed. It has easier underwriting and less cost.
Home care insurance* provides benefits for in-home care only – an advantage with easier underwriting and less cost.
Bill delivering a hybrid policy to a new client, December 19, 2018.
Bill presenting legal and financial planning for Alzheimer’s disease at an Alzheimer’s Association meeting, January 12, 2019.