© 2019 Long Term Care Alternative Insurance

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www.longtermcarealternativeinsurance.com is an insurance brokerage that educates clients on Long Term Care Insurance alternatives and assists in the application process.   Life & Health Agent License for Zachary Taylor Agent #0M60573.                      

Contact Us   213.784.1481 | zack@lucentelmgroup.com  | 3460 Torrance Blvd. Suite 300, Torrance, CA 90503

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Long Term Care Insurance Cost

When you're researching LTC, the biggest question is how much does Long Term Care Insurance Cost?  If you know a thing or two about traditional long term care insurance, you've probably heard that it's very expensive, and the earlier you start paying, the lower your rates will be, but of course that means the longer you'll be paying those rates.  The other problem with traditional long term care insurance is that it often requires a long elimination period before you can qualify for benefits, and if you pass away before ever qualifying for those ltc benefits, then all those premiums you paid were for nothing.  This is known as a "use it or lose it" type of insurance contract.  

Long Term Care Alternative Insurance is different.  The type of insurance we sell is known as a Single Premium Fixed Annuity with a LTC Rider, and here's why we recommend it:

  • If you don't use it, you keep it  

    • Your principle investment can be left to a beneficiary, or you can get it back after a surrender period if you end up not needing long term care  

  • The insurance company is offering to double or triple your principle investment should you need it to help pay for long term care expenses​

    • If you start using your long term care benefits, but pass away before your principle investment is spent, the remaining balance on your principle can still be left to a beneficiary​

  • No surprises​

    • Opening a Single Premium Fixed Annuity with a LTC Rider means you only pay once, and your double or triple rating is offered to you at the time of the contract.  You know exactly how much you're going to pay, and you can actually choose how much you want to pay after meeting the minimum investment of $35k

    • Your contract will show you how much money per month you are allowed to help pay for LTC costs, so you know what kind of care you can plan for

    • Your beneficiaries will receive the remaining balance of your principle should you pass away before using it all

    • 100% of clients are made whole 100% of the time

Because we're creating a contract of coverage, and we're avoiding surprises, we can actually provide some details about the long term care insurance cost to help approximate your coverage plan.  To get a true illustration, you'll need to request a personalized one from us, but here's an example to help set your expectations:

These numbers are for someone who invests in a single policy for themselves, and receives the Triple health rating based on their health at time of application:

  • $50,000 Principle Investment

    • Entitled to $150,000 in long term care expenses paid over 6 years 

      • Pays for LTC expenses billed up to $2,083 per month​

      • Comparison: $50k with no insurance would last just 2 years at $2,083 per month.  With Insurance, $50k lasts 6 years at $2,083 in benefits per month

  • $100,000 Principle Investment​

    • Entitled to $300,000 in long term care expenses paid over 6 years​

      • Pays for LTC expenses billed up to $4,167  per month

      • Comparison: $100k with no insurance would last just 2 years at $4,167 per month.  With Insurance, $100k lasts 6 years at $4,167 in benefits per month

 

In both of these scenarios, nobody loses any money if they don't use it for ltc, but both are provided benefits for a significantly longer amount of time than they would if they simply self insured themselves.  The average time one spends receiving long term care is 5 years, and the average annual cost is $100k per year.  Most of us don't know if we'll actually need coverage, and for how long, but if we set up a policy, then we know exactly how much monthly benefits we're entitled to and for how long we can receive those benefits.  We also know that your principle will go to your beneficiaries if you don't use it for LTC expenses.  

To receive an illustration or get your simple application started, send us an email or book a phone consultation using our online calendar.  We look forward to helping you put together your long term care plan soon.