Posts Tagged ‘Long Term Care Insurance’

Hybrid Long Term Care policies are flying off the shelves….

Sunday, August 11th, 2019

Hybrid Long Term Care contracts are “flying off our shelves” here at Beck Insurance Agency!

Hybrid Long Term Care
Hybrid long term care insurance is the product we’ve all been waiting for.

The good news?  We can’t sell out, our “inventory” is limitless!

Today, a stay in a nursing home is around $7,200 a month, or around $86,400 a year.  Home health care is around $4,000 a month, or annually $48,000. 

If you need this level of care what is your plan on how to pay for it?  Do you have 100% of your assets in an irrevocable trust?  If so, are you beyond the five year look back?  Is your plan simply having your assets liquidated?  Do you have enough cash set aside to pay out of pocket?  Or would you rather transfer that cost to another party and pass that money on to your loved ones? 

This potential expense is probably the largest uninsured exposure in the average person’s personal risk management plan.  Let’s set up a day and time to review and explore potential solutions.  Let’s close this potentially devastating exposure today.  Call Beck Insurance Agency 419-446-2777 or click here and request an appointment.

Joseph D. Beck, CIC, VP, V.S. Beck Insurance Agency, Inc. 

Life Insurance 101

Thursday, August 1st, 2019

There are interesting differences between Term Life Insurance and Whole Life Insurance when you dig down deep.

Term Life Insurance is the least expensive today, but the most expensive over time.  Less than 1% collect a term life death benefit.

Whole Life Insurance is the most expensive today, and the least expensive over time.  100% payout, with the ability to add Long Term Care coverage.

So how can you say whole life over time is less expensive than term life?  Call Beck Insurance Agency at 419-446-2777 or click to schedule an appointment and a life insurance illustration comparison.

Long Term Care Insurance

Friday, August 3rd, 2018

An estimated 70% of individuals 65 or older will at some point require some type of long term care services.

According to Genworth, the 2018 average monthly cost of service for Toledo area nursing homes is $7,017. That’s over $84,000 a year!

A private room averages $7,989, while a home health aide would still set you back nearly $4,200 a month.

If you become part of the estimated 70% that requires long term care services….how do you plan to pay for it?

If you are married, would these costs leave your spouse with anything? Your family?

Beck Insurance Agency has several products and methods available in addition to conventional LTC products to help leverage against these possible costs.  Contact us today to schedule a review.  Click here, or call Beck Insurance at 419-446-2325.

Conventional long term care insurance is too expensive now.

Thursday, June 14th, 2018

Fortunately, many of our life insurance markets have rolled out unconventional products that provide affordable long term care insurance solutions. One such solution available through Beck Insurance is Lincoln Financial Groups “Money Guard II”.

Planning ahead with Lincoln MoneyGuard® II gives you flexible options beginning at age 40. This universal life insurance with an optional long-term care benefit rider gives you a choice of premium payment options of one through 25* years.

Unlike traditional long-term care insurance, your policy costs are set at issue and will never increase provided your premiums are paid as planned and no loans or withdrawals are taken. Your policy provides benefits, even if you never need care, provided all total planned premiums are paid.

You’ve got benefits:

Benefits if you need care

You get more for your money because your policy provides income tax-free reimbursements for qualified long-term care expenses worth more than your premium payments.1 Once eligible, there’s no deductible or waiting period, which could make a real difference in your total out-of-pocket costs for qualified long-term care expenses.

Return of premium Options

You have options. You may choose to maximize your long-term care benefits. A return of 80% of your paid premiums is available once all total planned premiums are paid.3

Or you can maximize your return of premium — 100% return of premium is available after year five, subject to the vesting schedule below, provided all premiums are paid as planned; additional cost applies.3

Vesting schedule
Year 1: 80%
Year 2: 84%
Year 3: 88%
Year 4: 92%
Year 5: 96%
Year 6+: 100%

Stay in control with added advantages

Take the next step toward your future with Lincoln MoneyGuard® II.
1. Add inflation protection options4 to help keep pace with rising long-term care costs.
2. Feel confident if you live abroad because your policy includes international benefits.
3. Help protect your savings and your legacy.

Call Beck Insurance today at 419-446-2777, or click here for more information on alternative, affordable Long Term Care solutions.

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