Long-term care costs aren't typically covered by Medicare or regular health insurance. Medicare is limited in what sort of care it pays for and how long.
Life linked-benefit products are life insurance contracts coupled with chronic illness or long-term care riders. They were created to address client hesitancy to purchase a product they may never use, plus there are other attractive features:
- Guaranteed* to derive a benefit.
- Allows clients to more options.
- LTC benefit riders can accelerate payment of life insurance death benefit to cover long-term care needs.
- Most have simplified underwriting options, with no medical exam required.
1. WIN: Provides a death benefit if the client never needs long-term care
2. WIN: A 1035 exchange may provide tax-free, long-term care benefits on never taxed money
3. WIN: Allows client to choose how and where to receive long-term care services - home care, assisted care facility or nursing care.
Have you presented your clients with the many benefits provided by life linked-benefit products?
These innovative solutions offer living benefits many of your clients may be seeking. The market for
these products also provides attractive opportunities to help expand your sales.
For Financial Professional Use Only. Not For Use With The Public.
*Guarantees based on the claims paying ability of the insurance company. In addition to the death benefit, LTC living benefits can be derived for most products should a qualifying event occur.
This information is designed to provide general information on the subjects covered. Pursuant to IRS Circular 230, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Encourage your clients to consult their tax advisor or attorney.