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Long-term care options are broader than you think – if you act in timeFor many years Hilliard Lyons has helped protect families and their assets from unforeseen harm due to health-related events. Call an insurance expert today to learn how long-term care insurance products can help guard your most valuable assets.
When we are young and healthy, we imagine that we are “bulletproof.” We prefer not think about how we would take care of ourselves and our families financially if we became ill or disabled. But that’s precisely when we should think about it – long before a debilitating health event occurs.
The traditional long-term-care insurance product is a separate, standalone policy. As with life or health insurance, you pay a periodic premium, and the carrier pays claims in the event of a disability. Premium costs typically rise as the policyholder ages.
“Many people think that with so many carriers leaving the traditional long-term care insurance market, there aren’t many choices, but the industry has responded to create some additional, very good options,” Mohler said.
- Insurance riders. One easy option for long-term care benefits is to attach a long-term care rider to a traditional life insurance policy. “If you have a long-term care need, you simply advance funds out this life insurance benefit,” said Mohler.
- Asset-based or linked-benefit insurance products. These products, relatively new to the long-term care insurance market, are typically life insurance policies that leverage a second pool of benefits if the policyholder needs long-term care. Payments can be made from these assets for long-term care expenses. But if care is not needed, assets are transferred to beneficiaries when the policyholder dies. Underwriting also may be more stringent for linked-benefit products than for traditional policies.
- “It’s a good option for more established clients who want to reposition assets that they had earmarked for long-term care anyway, because they get a lot more leverage out of the assets,” said Mohler.
- Hybrid annuity products. These operate similarly to asset-based products. Many people already own annuities, so they can simply switch funds over to a product that leverages the amount of interest benefit they would receive from those annuities. “If they need long-term care, they are going to get a higher amount out than if they annuitized the contract,” Mohler said.