MEGA-LTC – Coverage With All The Advantages
The first car insurance was purchased in 1897, by Gilbert J. Loomis of Westfield, MA.It provided $1000 of liability coverage for an annual premium of $7.50. There is no record of how happy Mr. Loomis was when paying for the coverage, but in the 120 years since, few have been enthusiastic about buying automobile insurance. The premiums are high and unpredictable. Getting claims paid properly is difficult. And worst of all: accident-free drivers might as well be throwing the premium dollars out the driver-side window.
For a generation, similar complaints have been made concerning long-term care insurance, often discouraging your clients from buying the protection they need.
But those product shortcomings are gone! Consider introducing them to a policy that:
- Guarantees premiums for the life of the policy and allows payment options ranging from single-pay to annual-for-life.
- Guarantees benefits and allows for benefit inflation options.
- Guarantees a death benefit, reduced only by the amount of any payments made for long-term care.
- Guarantees a portion of the long-term care and death benefits even if scheduled premiums are stopped.
- Guarantees benefits paid retroactively to day one after the 90-day elimination period is completed.
- Guarantees payment of benefits in cash to be used as the policyholder sees fit.
- Guarantees division of the benefits between spouses as needed.
- Guarantees full or partial return-of-premium options in certain policy years if the policyholder chooses to end coverage.
And all the policy features have a range of flexibility in design so the coverage can be customized to meet each client’s particular needs and circumstances. Bring your clients’ long-term care planning to us.
For What It’s Worth – The first automobile manufacturer, the Oldsmobile Motor Company, was founded in Lansing, MI, the same year Mr. Loomis bought his policy, but the coverage was on a car he had built himself!
