The Problem with Long Term Care Insurance in 2024
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- Опубліковано 2 жов 2024
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Almost everyone will have to deal with a long term care need at some point.. Yet the escalating costs have caused big problems for insurance carriers. As a financial planner, I've witnessed firsthand the devastating impact of skyrocketing premiums on traditional long-term care policies. Today, we'll explore alternative strategies to ensure you're not left vulnerable.
➡️ Discover why traditional long-term care policies are failing and the alarming rate of premium increases.
➡️ Learn about the real costs of long-term care and how it can drain your savings without proper planning.
➡️ Explore innovative solutions like single premium long-term care policies that offer guaranteed benefits, return of premium options, and death benefits.
Northwestern Mutual Article: www.northweste...
NAIC Article: content.naic.o...
Doesnt term insurance have living benefits now?. CCT benefits?
Great video. Question - just to make sure I understand correctly on the "single premium LTC insurance policy", so the reason the clients can possibly have "return of premium" option is that the insurance company use the large single upfront premium to make investment return, correct? And the reason inflation protection can't be offered is because the entire policy premium is paid upfront in one payment and no additional increase later to combat possible inflation?
Wouldn't a IUL policy with a accelerated death benefit rider for critical, chronic, and terminal care meet the need better? If you need long term care, you almost certainly meet two of the conditions for chronic care. Having the money in a IUL should help solve the inflation problem you mention. Policy is also a lot more flexible in terms of being able to take loans/withdrawals if enough value is built up. Also has a life insurance death benefit. Seems like a great all around solution so you aren't locked into using the money on long term care if it turns out not to be needed.
Do your research on them IULs. Thank me later
Super interesting! As someone in their 30s I started looking at LTC options. I assume the younger you start the cheaper it is.
Could you please advise on which IUL provider you consider to be the best? Additionally, could you inform me about the types of insurance that are generally essential for people living in the US to protect themselves (excluding car insurance and rental/home insurance)?
Book some time with our team - we would be happy to help. www.leveragedwm.com/bookmeeting
Equitrust has an annuity called Bridge, specifically designed for long term care. Has some great tax advantages as well.
Can you share an example single premium LTC example please?