How to Solve the Life Insurance/Long Term Care Insurance Dilemma

Many consumers come to us with concerns about how they will pay for long term care costs should the issue ever arise? They are hung up with the fact that traditional long term care insurance is expensive, not very portable, and rate increases are possible and in fact likely, down the road.

One way we are helping clients is to set them up with a universal life insurance policy that includes a long term care insurance rider. Although the policy is universal life, it acts more like a lifetime term policy. It can go all the way out to 120 years of age, but doesn’t accumulate cash value. Instead it has a built in Long term care and chronic illness rider that gives the owner the option to accelerate as much as 24% of the death benefit each year for long term care expenses, if needed. If long term care funds aren’t needed, the client and their beneficiaries enjoy the the tax free benefit. Because this product is a hybrid between term life insurance and cash value permanent life insurance, the costs are much less then if you were to buy a stand alone universal life or whole life policy.

This strategy is very popular with clients currently and so please don’t hesitate to contact us for more information!

Best Regards,

Dustin Cooley
LionShare Insurance Group