Life LTC based long term care insurance is a unique combination of either a permanent (as opposed to term) life insurance policy or an annuity, with a rider that covers long term care expenses. It differs from traditional long term care insurance in that you don’t pay a monthly premium, but instead, a lump sum at the start of the contract. If you need to use the long term care benefit, it gives you a benfit pool much higher than the initial premium. If you don't need to use the long term care insurnace you can get back your initial invesmtent (sometimes with interest). If you die never having used the long term care benefits, your heirs can receive tax-free your initial investment plus a sizeable premium.
Life LTC based long term care insurance is an interesting and flexible way to balance your portfolio. It allows you to leverage your assets, which can free up money for other things. This unique product allows the policyholder to significantly leverage their assets, while eliminating the risk of wasting money on a premium if you never use the benefits, as many carriers offer to return the full premium payment.
Our experts are standing by to assist you. Call 1-800-975-1945, or complete the contact page.