LONG-TERM CARE INSURANCE CONSIDERATIONS
Long Term Care Insurance has been an ever evolving marketplace and IMS has adoted with the LTC market by continually offering the latest products – including both traditional LTC plans as well as modern hybrid plans – using Life, Asset, and Annuity based products.
Stand alone long-term care insurance is still the most cost effective way to provide your clients with LTC insurance coverage and offers clients the most flexibility in product design and rider options.
UL w/LTC Riders
Universal Life with an LTC rider or endorsement allows clients to add LTC protection to their Universal Life or Whole Life policies for a relatively low cost and simplified sales process.
Asset Based LTC
Traditionally funded using single premiums Asset based LTC products have evolved and now provide a variety of funding options and provide an effective solution to leverage assets for LTC while providing ROP and Inflation Protection options.
Life Insurance with Living Benefits is one of the most versatile Life Products, providing clients with Chronic Illness riders built into Term or Perm Living Benefits contracts and is very cost effective way to provide your clients with a form Chronic Illness coverage.
LTC Case Design
George is a 60 year Male looking for both permanent Life Insurance and LTC Protection – here is what he can do:
- Level Pay Universal Life w/LTC Rider
- $500k Death Benefit
- 2% LTC Rider – $10k/month
- Guaranteed Level Premium
- 10 Pay Asset Based LTC
- $500k Specific Amount
- 3 year LTC Provision – $13,888/month
- Inflation Protection & ROP