Hybrid Life Insurance/Long Term Care coverage from Beck Insurance Agency
In terms of insurance products, this is still a relatively new concept in the market and something you may be interested in. With hybrid Life Insurance/Long Term Care coverage, you can address two very important needs at one time: Life Insurance needs which provide for things like funeral expenses, paying off debt, and estate creation for family, buyout agreements, estate equalization, and Long-Term Care needs that may arise later in life.
Here’s how the coverage works: Secure a hybrid whole life policy and add a Long-Term Care benefit rider with a monthly limit of 5% of the total original death benefit amount, up to a maximum LTC total of $350,000. ($500,000 soon to be available)
This incredible product creates an opportunity to secure and lock in long-term care coverage as well as the rate; depending on the premium payment structure. It also provides much greater returns in that should you pass away without requiring monthly care, your heirs still receive the death benefit tax free. Should you decide later that you no longer need the protection, you can cancel the policy and take back your cash value – which after 5-6 years is generally higher than the amount of premiums paid. Or, if you were to need long-term care you would have coverage when the time came. Whatever amount of the death benefit that wasn’t used to pay for your nursing home stay, then still gets paid as a death benefit to your beneficiaries upon your passing.
To learn more please call Beck Insurance Agency at 419-446-2777, or click here to schedule your needs and explore options to best fit you and your family.
Beck Insurance Agency, Inc.
120 N. Defiance Street, PO Box 263 6776 Providence Street, PO Box 2631
Archbold, Ohio 43502 Whitehouse, Ohio 43571
Joseph D. Beck, Certified Insurance Counselor, Certified Personal Risk Manager, President / Beck Insurance Agency
Preferred Whole Life Insurance Plans
Lifetime-Pay Preferred Whole Life offers lower premiums than our other Preferred Whole Life plans, but those premiums are paid for as long as you live.
Preferred Single Premium Whole Life is a one-time premium payment contract that gains strong cash equity.
Preferred Whole Life Paid-Up at 65 has premiums that stop at age 65.
Why Choose Preferred Whole Life Insurance?
Do you want a healthy emergency fund and more ways to provide for your family?
Preferred whole life insurance can help you accomplish these goals with affordable lifetime coverage. Plus, your premium won’t change!
On top of that, you can add an optional Long Term Care Rider to your plan and designate up to $350,000 of your insurance amount to be available for long-term care expenses.