Hybrid Life Insurance/Long Term Care coverage from Beck Insurance Agency
This is 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 then add a Long-Term Care rider with a monthly benefit at 2%-5% of the total death benefit amount, subject to the life insurance limit or $350,000, whichever is less.
This is an incredible product that 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 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. And of course, if you were to need long-term care you would have coverage when the time came.
If this is something that is of interest and you would like more information, please call (or click) Beck Insurance Agency at 419-446-2777 and we can review your needs and possible solutions.