Long-Term Care Insurance
Get the care you need if you become unable to care for yourself due to a chronic illness or disability. With long-term care insurance, you can receive care in a nursing home, assisted-living facility or in your own home.
Find An AdvisorWhat is long-term care?
Quick Facts
The need for long-term care isn't going away.
7 in 10 People
Over 65 will need long-term care in their lifetime.
By 2050
The need for long-term care will more than double.
9 in 10 People
Who go on long-term care do not recover. Only 10% will have a non-permanent condition.
Types of Plans
Traditional
-
- Typically the most affordable option
- Monthly benefits range from $1,500 to $12,000 depending on the insurance carrier
- Average benefit periods are 2 to 6 years or longer, depending on the policy limit chosen
- Elimination (deductible) periods range from 0 to 365 days and begin the first day you are chronically ill and receive a covered service
- Choose from a number of optional riders like inflation protection which increases benefits over time to keep pace with the cost of living
Asset-Based
-
- Referred to as “hybrid" or “combo plan” because it combines either life insurance or an annuity with a long-term care insurance rider under one policy
- Includes the same basic components as the traditional plan
- Premiums will not increase
- Premiums may be paid on a variety of schedules, such as a single pay plan (one lump sum), a 20 pay plan (20 annual payments), or lifetime payments
- Upon death, any unused long-term care insurance benefits may be received by your beneficiaries as life insurance or an annuity benefit
- The Pension Protection Act allows you to replace an existing life insurance policy or annuity without incurring tax consequences
- You can cash in your policy for any reason and get some or all of your initial premiums back (with most plans)
We can also help you with...
Life Insurance
Ensure the people you love most are taken care of financially, even if you're not there.
LEARN MORE about life insurance.Related Resources
Long-Term Care Expense Calculator
The need for long-term care can arise unexpectedly, often creating a large financial burden. This calculator helps you determine if you are financially prepared for this impending expense.
CALCULATE Click here to calculate long-term care expense.
Do you need an estate plan?
First, it is important to understand what an estate plan does. Fundamentally, it is a strategy to take care of the people you care about (including yourself). An estate plan has a few key goals:
READ MORE Click here to read more about estate plans.
Helping Elderly Parents
Ensuring your family is protected is just as important as ensuring you're covered. This whitepaper offers tips on helping you care for your elderly loved ones.
Download NEEDS LINK
Long-Term Care Facts
Centers for Medicare & Medicaid Services 2/21/2017 (longtermcare.acl.gov/the-basics/index.html)
https://bipartisanpolicy.org/library/americas-longterm-care-crisis/ updated on 4/7/2014
Society of Actuaries: “Long-Term Care Risk Management: Re-Pricing In-Force Po
Advisor and an Advocate
If the unexpected happens, service and responsiveness become as important as the dollar value of your coverage. Having an advisor on your side means you'll have a personal advocate working with you and looking out for your best interests while handling your claim.
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