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Types of policies and which ones fit your client’s circumstances

Types of LTC policies

Type of productCarriers who offer productPros of this product typeCons of this product type
Traditional LTC insuranceMutual of Omaha
Transamerica
Lowest initial premium
Can easily include inflation
History of substantial rate increases
Limited benefit duration
Life insurance with an LTC rider Axa
John Hancock
Nationwide *
Securian (formerly Minnesota Life)*****
Best option when these is a high need for life insuranceNo inflation option
Limited benefit duration
Life insurance with a chronic or critical benefit American General **
LTC CE not required to sell
Least expensive Life focused option
Cost of rider may affect benefit when received
Definition of chronic or critical illness
Asset Based CareLincoln
Mass Mutual
MoneyGuard
Nationwide * CareMatters
One America Asset Care and Annuity Care (see rows below)
Life insurance basedLincoln
Mass Mutual ***
Nationwide
One America****
Single pay or multi pay (up to 10 years or age 65)
Leveraged for LTC coverage more than life with an LTC rider
Fixed premiums
Joint coverage or multi life discount
Can be more expensive that other options
Annuity CareOne America1035 from existing policy creates tax free benefit for LTC
May provide lifetime coverage
* Nationwide is the only provider of indemnity benefits
** American Generals rider is triggered in the same way LTC riders are triggers and pays out in a similar fashion.
*** Mass Mutual product is only available in a single premium.
**** One America is the only carrier that offers a lifetime benefit
*****The Securian Product is still in the approval process in some states.

So which one is right for your client’s individual needs?

Here is a decision flow we often use to determine the best product options and carriers for each case

 

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Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Adviser.

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