Money Back Guarantee for Long-Term Care Insurance ….Interesting.
Rosemarie Hurley, Long-Term Care Specialist

Traditional Long-Term Care products have been around for 20 years….but they have evolved. And now they are more flexible than ever. This is all good news. And I take opportunities to update you on those changes as often as necessary.

But in addition to the traditional products, there are other products in the Market Place that accomplish the same goal ….future asset protection….in a unique way. These products have also been around for a long time, and they too have evolved.

Because people are different so too are their needs and interests. Sometimes people approach their future asset protection differently as well. Rather than commit to a monthly or annual premium for Long-Term Care insurance, without knowing how much you will eventually pay into the policy before you access benefits by going on claim, it is possible to make a lump sum payment and purchase a paid up policy. Same goal, accomplished a different way.

And oftentimes when I am contacted to explain the" ins and outs" of Long-Term Care insurance, people ask…."But what if I am not in the percentage of those people who will eventually go on claim, and I don't use my policy? What then?" My answer is always the same…"consider yourself blessed". There are lots of types of insurance that protect but do not benefit you unless you go on claim. That's traditional.

The lump sum payment type plans have many very attractive features. One of them is a death benefit. That means that when you die, if you haven't used up your Long-Term Care benefits, a sum, larger than the deposit you made, goes to your beneficiary, and it is income tax FREE.

Another interesting feature is that ANYTIME your money can be returned to you should you choose to cancel the policy. No questions asked and no complicated forms to complete.

These policies operate the same as traditional LTC in that they offer Home Health Care, Assisted Living, and Nursing Home Benefits. The pay a daily benefit as usual for these services, and can have inflation protection or not, as your choice. One of the main reasons this configuration is more popular, is that your children will receive a larger sum than the original deposit, as a death benefit, if you never used the policy. Children understand the value of that.

But remember, it is still necessary to qualify for the policy. There are very similar health parameters used to determine eligibility as with other forms of LTC insurance. And this article is meant to educate you a bit about the concept. There is more to learn. As always, I offer a complimentary consultation to help you to decide if this is right for you. Our meeting is at your convenience and can be in your home. To be educated is freeing and benefits you and your family. Questions? Please contact me.

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