Posts Tagged ‘Long Term Care’

NEW Alternative to traditional long term care insurance

Tuesday, January 29th, 2019

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.

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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