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Risk Free College Planning, Retirement Planning, Estate Planning,& Financial Protection
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Long Term Care is being used more and more important as AN IMPORTANT ASSET PROTECTION TOOL. Due to advances in medicine, we are living longer. Because of this, there is a good chance we will need assistance in our later years. Our families would be stressed to find both the time and money to become care-givers. They may not live close to us and probably do not have the skills to handle our needs. None of us want to be a burden to our children. The bottom line to all of this is to provide for our own care as we age.
Many people purchase LTC Insurance to provide a safety net if their health ever deteriorates. The time to purchase LTC Insurance is when you are young, not when you are old, because the cost of LTC increases as we get older and because you must be in GOOD Health. Once you lose your health, you will not be able to purchase it. Review this article "Why You Should Consider Long Term Care", and "Nursing Home Costs Across The Country....". Typically, when one needs assistance, it is paid for by their LTC insurance or their Savings . When all of their savings and assets are depleted, Medicaid takes over the responsibility. If Medicaid is paying for the care, the patient sometimes is cared for in a state facility, which is certainly not a desirable situation. How many people do you know that this has happened to? Business Owners Can Deduct LTC Insurance Premiums As A Business Expense for the owners AND EMPLOYEES
The government has developed a partnership program that encourages citizens to purchase their own LTC Insurance. This program allows anyone that needs to use their LTC Insurance to pay for their needs to keep the money paid out by the insurance company for care in their estate and still be eligible to receive Medicaid. This program allows you to still have money left for retirement expenses and leave money to your heirs. This is a great program and everyone should consider it. For more details read, "LTC Partnership Presentation".
Here's why people buy Long-Term Insurance
If you ever need long-term care services, your family will be under enough stress. If you love them, do you really want to put them through the additional stress of being your caregiver? Isn't it worth planning now for an event that is very likely to happen, that could deplete your entire estate?
What You Should Know About LTC
Some Important Facts regarding LTC - LTC costs can put you between a rock and a hard place. Click Here
At Statewide Insurance Company, we have various:
WAYS THAT LONG TERM INSURANCE CAN BE PURCHASED
1. PURCHASE LONG-TERM CARE INSURANCE POLICY.
We represent many top companies and will help you select a policy that satisfies your needs..
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Some of The Companies We Represent
Company Brochure Genworth John Hancock Mutual of Omaha Unum Provident Brochure Allianz* Brochure * Allianz has a unique enhanced coverage rider - click for more information
2. PURCHASE PERMANANT LIFE INSURANCE.
We represent top companies which have life insurance policies available where you can use the death benefit while you are alive for Long-Term Care expenses. If you don't need the care, the death benefit goes to your beneficiary. If you don't use it, you don't lose it.
brochure
email us for more information3. PURCHASE AN ASSET CARE INSURANCE POLICY
The asset care I insurance policy is a single premium, Current Interest Whole Life insurance policy with Long-Term Care benefits. Many people have assets which are lazy or not earmarked for anything specific. These assets can be moved into a single premium life insurance policy, thus multiplying the available dollars available for Long-Term care should the need arise.
An example would be the following for a couple both being 65 years old with a $100,000 CD. The CD would provide for $100,000 of LTC should the need arise. With the asset care policy, the $100,000 would buy a death benefit of $217,000 which would be available for LTC. If the care is not needed, the $217,00 would go to the beneficiary at the time of death. This approach multiplies the amount of money available for LTC and is not used if the care is not needed. Not only does the amount of money multiply, but the policy cash surrrender value grows at a competitive interest rate. There is an option available which would provide for lifetime LTC care. The premium for this rider is nominal and guaranteed never to increase (in writing).
This approach moves an asset from one place to another and provides for an inflated amount of LTC funds should the need arise. There is no out of pocket cost. All that is being done is moving an asset from one place to another. If LTC is not needed, the death benefit goes to the beneficiary. If you don't use it, you don't lose it. Definite Win-Win situation.
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4. PURCHASE AN ANNUITY CARE CONTRACT
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5. PURCHASE RISK-FREE TAX DEFERRED ANNUITIES.
We represent top companies offering tax deferred annuities that build up cash value. These policies are 100% Risk Free. The accumulation can then be cashed in without penalty, at any time, to pay for Long-Term Care needs.
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6. USE THE MONEY FROM A REVERSE MORTGAGE
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7. Sell An Unneeded Life Insurance Policy (Typically for ages 70+)
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goto Life Settlements page