Recently, a number of major carriers started offering Long Term Care Insurance or Living Benefits as a low-cost rider to their life insurance coverage!
Finally, an affordable way to help pay for some Long Term Care expenses.
BUT is it too good to be true? Or maybe just a gimmick?
The good news is yes it’s true and NOT it’s not a gimmick! Long Term Care Insurance is not only affordable, but it’s sometimes added for FREE to Life Insurance Combo Policies!
The thing is, each carrier joining this marketplace offers a slightly different product, with unique characteristics.
So let’s take a moment to look at some of my favorites!
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Term & Permanent Policies with Long Term Care Insurance from Transamerica
Transamerica is unusual in that they offer long term care insurance benefits as part of BOTH their permanent and term product offerings!
Which means you have a choice!
This is great news for clients from all walks of life. If long term care insurance is something you are worried about Transamerica has you covered.
…and the best part? It’safforable.
All too often people come into my office believing that long term care insurance is cost prohibitive.
Thankfully this is not the case and in my humble opinion, it’s coverage that all of us should have if we can afford it!
Long Term Care Insurance & How to Save Some Cash!
Let’s face it, term life insurance is just plain more affordable!
If you’re in your 30s, 40s or 50s, chances are you’re probably still looking at term coverage, because those pesky permanent plans are still quite costly.
…But you can still access a wonderful policy with Living Benefits.
This product is called Trendsetter LB (LB stands for Living Benefits) which is only about 30% more expensive than Transamerica’s regular term policy.
Your additional premium adds wonderful, wide-ranging living benefits…
…so if you become chronically, critically, severely or terminally ill during your lifetime, those benefits become available for use in a nursing care facility, adult day care facility, or in your home.
Among workers ages 40 and 50, nearly half fear the financial consequences of a critical illness—compared with just 29 percent who rate dying as their biggest concern, according to a new study.
That fear of a hit to the wallet being a bigger concern than dying is most pronounced among single workers, single women and single parents, according to the Sun Life Financial survey, “Well-Placed Fears: Workers’ Perceptions of a Critical Illness.” Worse than death: Critical illness money fears, CNBC.com
Let's take a look at some rates that include long term care insurance now!
Let’s check out some rates.
For the purposes of this article, I’m gonna use a 57-year-old woman, who has a Preferred Best rating. My client wants $100,000 in coverage for 20 years.
Her premiums will be $421/year for a traditional term policy WITHOUT living benefits.
However, the Transamerica Trendsetter LB policy will cost her $542/year. The difference is this policy offers full access to her death benefits during her lifetime! Now that’s pretty cool.
Sounds good but what EXACTLY does that mean? I'd like to know more about how long term care insurance riders work.
That's a GREAT question. You should always understand what it is you are getting into!
In the event, my client develops a critical condition, such as:
- Heart attack,
- Stroke or certain cancers,
- A severe cognitive illness such as Alzheimer’s Disease,
- Any terminal disease, or if kidney failure or major organ transplant caused her to need assistance to bathe and dress.
She can access up to 2% of the death benefit each month until she uses up the allowed portion for:
- Chronic illness, the maximum she can access is 90% of her total, and
- Critical illness, she can access 100% of her death benefit amount.
Even after she uses the entire benefit amount, she still has $10,000 remaining to cover final expenses upon her death.
Of course, if the benefits aren’t needed during her lifetime, they will simply be available to her beneficiary upon her death just like a traditional policy.
This product offers the broadest range of living benefits available and is easily accessible whether care is needed in a facility or at home.
PLEASE NOTE: There is a one-time administrative fee charged when the living benefits commence. There is also a 2-year exclusion at the beginning of the policy, and a waiting period once your condition is diagnosed as determined by each state.
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Long Term Care Insurance for the Elderly
If you’re in your 60’s or 70’s, you’re probably looking at a permanent life insurance policy.
Because you want coverage to last the rest of your life, no matter how long you live – right?
Well, you’re in luck, because Transamerica also offers a Guaranteed Universal Life policy, with a no-lapse guarantee and Long Term Care Insurance Benefits!
The TransACE policy costs about 15% more with the Long Term Care Rider, but the protection it adds is seriously worth it!
Let’s check out the benefits now:
Transamerica Guaranteed Universal Life with Long Term Care Insurance
The coverage is wide-ranging, which is awesome. That’s exactly what you’re looking for. So if you need to access benefits you can do so for the following purposes:
- Maintenance or personal care in a non-acute care facility such as a Long Term Care facility, Adult Day Care or in the home
To give you an idea of the costs let’s use an example. Let’s say my client is a 67-year-old man who has a Preferred rating. He’s looking for $100,000 of lifetime coverage. His premiums will cost him about $2,777/year without the LTC rider.
…BUT for only 15% more, that same client can get a long term care insurance rider added. Which brings his premiums to $3,261 annually.
That’s a deal! You get all of the benefits listed above, as well as a Multi-Flex Surrender enhancement endorsement.
This allows you to surrender your policy at the 15 or 20 year anniversaries, as well as any time after your 25th policy anniversary AND receive 100% of your gross premiums paid to that point.
So, TransACE offers a traditional death benefit, Terminal and Chronic Illness Long Term Care benefits, No-Lapse Guarantee and Multi-Flex Surrender advantages.
This is quite the bang for your buck if you ask me!
PLEASE NOTE: Chronic illness and severe cognitive illness are both covered after a 90 day elimination period.
Providing high-quality, cost-effective medical care to the sickest, oldest, and frailest patients remains a formidable challenge. The 18 million people older than 65 years with chronic conditions and limitations in their ability to carry out basic daily activities make up 6% of the noninstitutionalized U.S. population but consume 25% of total health care spending. When Frail Elderly Adults Get Sick: Alternatives to Hospitalization, annals.org
Long Term Care Insurance Coverage & How You Can Find It
Talk to an independent like those at Huntley Wealth, because we have access to dozens of insurance companies and can give you access to the best rates out there.
Not all life insurance is created equal. There are many companies that offer long term care insurance riders and we are happy to go through your options with you.
You want the truth? the best possible way to save money is to comparison shop! Why not let Huntley Wealth do the legwork for you?
The best news is – a consultation is free and you’re not obligated to purchase a thing! Not to mention the fact that we save our clients THOUSANDS of hard earned dollars every day.
Be a superhero and plan for your long term care!
In my humble opinion, the real superheroes in life are those that plan for the future of their families.
What better gift can you give than the security that if you die or get sick they will have a safety net?
Don’t let chronic or terminal illness scare you!
Take charge today and bulletproof your family’s financial future with a life insurance long term care insurance combo.
They will thank you for it.