ABR, LTC, CC, TC, and other confusing abbreviations
Long Term Care in the past was the only way one could get coverage for extended stay or services relating to Convalescent Care or Supervised Care.
Life Indemnity Critical Care, ABR and LTC Riders are most talked about today because if added to a life policy we all know that either the client if they pay all premiums will either collect while they are living based upon the riders or their beneficiaries will collect when they leave this earth permanently.
We Now Have More New Unique Ways to Solve for LTC
1) The Old Fashioned LTC products offered by fewer carriers
2) The Bundled Single Premium LTC Life products
3) Life with LTC Rider
4) Life with the Critical Care Rider
Most professionals are not knowledgeable about all of the products and choices.
Rather than be verbose and bore everybody with facts we will be happy to forward
you a link so you can get a complete explanation of these product. The ones in the
red will be highlighted in this article.
As we well know the good old fashioned LTC products offerings are de-
creasing rapidly and many of our clients will not qualify for these policies.
Even with limited offerings, we are prepared to give you a spreadsheet of
the current providers that compares prices and benefits complimentary
Many of us know about the Bundled product marketed by few companies
with a single premium or Short pay that has LTC benefits highlighted but
also has a smaller residual death benefit. This can fit many situations and
we have some of the best that we can illustrate for you.
However, the latest and greatest is the rider on a life policy which could either be a LTC rider based on a reimbursement basis (with a charge of costs on the policy, included in a policy), as an ABR Accelerated Benefit Rider (not charged until claim happens), or as another type of rider on an indemnity basis (where the client gets cash to use any way they desire). Usually the latter 2 ways, as a rider included in cost ABR or as Chronic Care usually have the trigger be suffering 2 out of the 6 ADL’s and requiring expected help for the remainder of life.
Many companies offer this product on many of the permanent type policies including WL, GUL, indexed UL, VUL SUL, SIUL and SVUL chassis. Depending upon your state a company might show a presence of these riders on any or all these products
Our agency is most excited about these last offerings and we have found that we have been getting competitive and even standard offers for people who have been totally declined for LTC. We have a few companies that have different approaches and can give you the Most Competitive Offerings.