Long-Term Care Insurance
Leading the Industry in Long-Term Care Solutions
The statistics are sobering. A 65-year-old today has an almost 70% chance of needing some form of long-term care service. Are you unsure how to approach your clients to offer this valuable coverage? We can help. Our team of experts is available to help you design a solution that best meets the unique needs of your client. From stand-alone long-term care policies to hybrid coverage, we are here to help.
What are my Long-Term Care options?
There are currently three options you and your clients can explore to address long-term care needs: traditional or stand-alone long-term care, asset-based policies, and life insurance that provides a long-term care rider. Let us look at the benefits of each.
Traditional, or stand-alone long-term care policies, typically provide more flexible options as they can be customized to your client, but they only provide coverage in the event of a long-term care need and are often more expensive. Stand-alone LTC policies are great for people who have no need for life insurance coverage, who prefer less cash flow intensive premiums, and are inflation sensitive. The benefits are customizable to meet the clients’ needs which helps control the cost of the policy.
Asset-based long-term care policies provide LTC coverage and a death benefit. These policies are ideal for clients who wish to protect against the cost of stand-alone LTC but also have a need for a death benefit and who can pay their premiums in limited pay or single pay. You should also consider that any LTC benefits paid out under this policy will reduce the amount of the death benefit.
Many life insurance policies now offer optional or built-in long-term care riders. While the purpose of these policies is still to provide a death benefit, the LTC riders provide an added benefit often at a reduced cost. Clients should consider this option if they are most concerned with leaving a legacy for their loved ones but still desire LTC coverage. Just like the Asset-Based LTC policy, any long-term care claims on the life insurance policy will reduce the available death benefit.
These are just a few points to keep in mind when exploring long-term care options. ESG Insurance Solutions is here to help you navigate your long-term care case design and sale. Our experience and industry relationships help ensure that the policy meets the needs of your client and that the process from quote to close is smooth and hassle-free.
If you have any questions about long-term care insurance, contact our team of dedicated agents at 888-379-0270 or come by our office today!