Long Term Care Funding Options Have Changed
Remember “nursing home policies”? The name alone conjures up such somber images. They were very limited in what benefits were available and where services were covered. The products first available in the 1970’s were priced with no experience basis which led to rate increases on in force policies and repriced, revamped products being rolled out each year.
Fast forward to 2017 and it’s an entirely different ballgame. Home care, adult day care, assisted living, and Alzheimer’s facilities are now included. Both home health care services and facility care have vastly improved and having this insurance gives the policy holder many options.
Along with traditional stand-alone LTC insurance, there are a number of ways to prepare for the “what ifs.” A solution can be tailored to each case using:
- Linked benefit life insurance with leveraged benefits for long term care
- Universal life insurance or second to die UL with long term care riders
- Universal life insurance or indexed UL with chronic illness riders
- Qualified money funded whole life or second to die whole life with long term care riders
- Annuity with long term care riders
BUA has the knowledge and experience necessary to help determine if this coverage is appropriate for your client and if it is, the best way to position it. Let us help you help them.