Life Insurance with Long Term Care Rider – Alternatives to LTC Insurance
Life Insurance with Long Term Care Riders
This long term health care insurance combines Life Insurance with a Long Term Care Rider. These policies are good alternatives to traditional long term care insurance.
Life Insurance with Long Term Care Riders are a type of hybrid long term care insurance. They join a whole life or universal life policy with long term care insurance. And they can have advantages over other forms of long term care insurance.
You can fund Life Insurance with Long Term Care Rider policies with a single premium payment, or over time. Like traditional life insurance, the death benefit transfers assets to your heirs. Or, the death benefit can accelerate to cover long term care costs.
An annuity which funds a 10-pay whole life insurance policy with accelerated death benefits for qualifying LTC expenses using an income rider; can be funded with either qualified or non-qualified funds.
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Asset Based Long Term Care Plans
Life Insurance with Long Term Care Riders are also referred to as Asset Based Long Term Care plans. Here are some ways they differ from traditional long term care insurance:
- Premiums invested are not lost if you do not use the insurance.
- Life Insurance with Long Term Care Riders protect your assets from long term care costs. The added benefit is that they can transfer assets tax free to your heirs.
- Health underwriting varies by company. It may be more or less restrictive than a traditional long term care insurance policy.
Life Insurance with Long Term Care Advantages
Estate Planning Benefits
Life insurance has many uses in estate planning. Including: Estate liquidity to pay taxes, debt repayment, income replacement and wealth accumulation. Because these hybrid long term care insurance policies are built on a life insurance policy, any unused policy value passes tax-free to the named beneficiaries.
Guaranteed Level Premiums
Guaranteed level premiums can be a strong advantage of asset based long term care plans. Payment can be as a Single Premium or spread out over several years. Knowing that premiums can never change allows you to avoid unexpected premium increases.
Guaranteed level premiums are generally not available with traditional long term care insurance.
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Hybrid Long Term Care Insurance Companies
One Stop Shopping
We shop the leading insurance providers to help you find the best rate and company. We’ll supply you with rates, ratings, and reviews of the companies that sell these types of policies.
Preferred Hybrid Insurance Companies:
Nationwide Life Insurance Company
The Nationwide Life Insurance Company is a strong and stable company. They’ve been in business over 90 years. Nationwide is a Fortune 100 company with $26 billion in operating revenue as of 2015. They have high ratings and rankings from the major ratings agencies. You can have confidence that Nationwide will stand behind their promises.
Nationwide Life Insurance Company Ratings
A.M. Best | A+ (Superior)
Standard & Poor’s | A+ (Strong)
John Hancock Life Insurance Company
With over 150 years of experience, John Hancock insurance has strength and stability. They have strong financial ratings from the major rating agencies. These strong financial ratings reflect John Hancock’s ability to pay future claims.
John Hancock Life Insurance Company Ratings
A.M. Best | A+ (Superior)
Standard & Poor’s | AA- (Very Strong)
Lincoln Financial Group
Lincoln Financial Group began in 1905 with the endorsement of Abraham Lincoln’s son. It is the first and only company to carry Abraham Lincoln’s name, image and ideals at the heart of their brand. They’re dedicated to helping Americans secure better futures for themselves and their loved ones. Contact us for Lincoln Financial quotes.
Lincoln Financial Group Ratings
A.M. Best | A+ (Superior)
Standard & Poor’s | AA- (Very Strong)
Securian Financial Group
Securian Financial and its member companies, Minnesota Life, and Securian Life, receive high ratings from independent rating agencies. These ratings reflect their stability, integrity, long-term focus and commitment to maintaining a strong balance sheet.
Securian Financial Group Ratings
A.M. Best | A+ (Superior)
Standard & Poor’s | A+ (Strong)
State Life Insurance Company
The State Life Insurance Company is a One America Company. For 140 years, millions of Americans have trusted OneAmerica to protect them. State Life Insurance and the OneAmerica companies keep their promises to customers by maintaining their financial strength. They believe in putting your long-term financial security ahead of their short-term profits. And they continue to maintain their guiding values of integrity and stewardship.
State Life Insurance Company Ratings
A.M. Best | A+ (Superior)
Standard & Poor’s | AA- (Very Strong)