If I go into a nursing home how will I pay for it?
Hybrid Long Term Care Insurance is a relatively new concept available in today’s market.
With hybrid long term care insurance you can address two very important needs at one time: life insurance needs which provides for things like funeral expenses, paying off debt, estate creation for family, buyout agreements, estate equalization, as well as protection against the cost of long term care should the need arise.
Here’s how the coverage works: Secure hybrid whole life and add a LTC rider with a monthly benefit of 2-5% of the total initial death benefit amount, subject to a maximum LTC benefit of $350,000. This is an incredible product that creates an opportunity to secure and lock in long term care coverage as well as the rate; depending on the premium funding structure. It also provides much greater returns in that should you pass away without requiring monthly care, your heirs receive the death benefit tax free. Should you decide later that you no longer need the protection, you can cancel the policy and take back your cash value – which in some cases is higher than premiums paid after 5-6 years.
This product can also be partially, or fully funded by tax free 1035 transfer of cash values being held in what are now older, grossly under-performing universal life policies.
To learn more please contact Joseph D. Beck at Beck Insurance Agency to schedule a consultation. 419-446-2777, joe@beckinsurance.com, or click here.
Beck Insurance Agency, Inc.
