Most people would like to protect their assets and income from a potential long-term care (LTC) event. But no LTC insurance solution is perfect. Millions of people own traditional LTC insurance and they pay annual premiums – and those premiums have and will increase over time. Traditional LTC insurance gives the most potential benefits during a long claim – but paying premiums every year and maybe never using it is the #1 complaint.
And for many people (including myself when I bought my policy in 1997) paying premiums monthly or annually was the only way I could afford this protection. They (and I) didn’t have (or didn’t want to allocate) a huge lump sum of cash to handle this potential risk in any other way.
As traditional LTC policies are becoming more and more expensive (and even harder to medically qualify for) a number of people are looking for an alternative. Many of these people are preparing for potential future long term care costs with a life insurance linked-benefit product… is an alternative to traditional LTC insurance.
A life insurance/LTC combo product is like buying a lottery ticket, except EVERY one of the tickets will win at least about 150% of the cost of the ticket if one died – NEVER needing LTC (by paying a death benefit).
And SOME WILL WIN up to 250-400% in LTC benefits if they DO need LTC for an extended period.
Either way, the LTC & death benefits are TAX FREE! And there is never a premium increase.
Are you planning on using CD’s or savings to pay for LTC? I can promise you one thing, a life/LTC combo product will do a much better job, at a much LOWER cost. It’s a no-lose solution for either LTC costs and/or death. And 100% of us will die someday. You can contact me to discuss this further.
all the best… Mark