When Asset Based LTC Is A Fit
Most people will need long-term care services at some point during their lives, and the costs can be staggering.
Asset Based Long-Term Care offers your clients an efficient way to plan for these potential expenses with LTC coverage plus as well as a death benefit for cost recovery.
Four potential client profiles for Asset Based LTCi
1 | Clients ages 40-80 with “sleeping assets” or cash, such as:
- Cash, CDs or bonds that are maturing
- Proceeds from selling a business
- Funds from downsizing/ selling a home
- A recent inheritance
CONCERN: Impact a LTC event could have on their spouse, family and finances
PAYMENT: Single Premium
2 | Clients ages 55-67 closing in on retirement who are:
- In the peak of earning capacity with excess income for premiums
- Preferably age 59.5 or older so they can access qualified money not needed for retirement income
CONCERN: The financial and lifestyle risks LTC expenses could have on their spouse
PAYMENT: 5, 10, 20-pay or pay for life
3 | Retirees with IRAs, annuities or income sources to reposition:
- Required minimum distributions from IRAs not needed for income purposes
- Annuities not needed for retirement income purposes
- Social Security benefits not needed for living expenses
CONCERN: Protecting assets/ income and reducing LTC dependence on family
PAYMENT: 5, 10, 20-pay
4 | High earners not rich yet (HENRYs) ages 40-55 who:
- Have excess annual liquidity
- May have experienced providing care for a parent or grandparent
- See the value of buying earlier rather than later
- Would like to insure their parents for LTC to protect their own savings and retirement assets
CONCERN: Protecting assets/ income and reducing LTC dependence across generations
PAYMENT: 5, 10, 20-pay
Contact your LTC Sales & Marketing Associate today for more information.