LINKED BENEFIT PRODUCTS ARE A LIFE INSURANCE OR AN ANNUITY POLICY THAT INCLUDES A “RIDER” THAT PROVIDES LONG TERM CARE BENEFITS WHEN NEEDED.
- Provides multiple benefits, paying out the first benefit as needed
- Qualified long term care costs are reimbursed
- Reimbursements intended to be income tax-free
Linked Benefit Products
The Facts About Extended Care
- Make your client’s money work harder; leveraging each dollar up to 3 to 5 times in the event of an extended care need
- Provide a Death Benefit to beneficiaries if your client doesn’t use all the money
- Keep clients in control of their assets; A money back guarantee*
- Offers a smart way to help protect existing assets from an extended care event
*Through the Return of Premium Rider on single premium and certain flexible premium universal life policies.
- 70% of Americans age 65 or older will need it temporarily
- The cost of care is high and increasing
- The average duration of a claim is 4.2 years
- 75% of claims start at home
*National median annual costs:
Assisted Living Facility (ALF) = $42,000
Semi-private room in a nursing home = $77,380
Home health aid (8 hrs/day, 5 days per week) = $41,600
Adult daycare (5 days per week) = $16,900