Estate Protection – Guaranteed Issue LTCiRyan Hogan
“Crap, mom and dad didn’t plan for long term care”
If you have ever heard those words either verbally or from the look in their children’s eye you know what I’m talking about. Long Term Care insurance is relatively new compared to the other lines in the insurance world and many seniors failed to plan for this large expense. Estates that have not been protected fully are exposed to spend down risk.
Good news! There are solutions to protect the estate that are Guaranteed Issue for mom and dad starring down the barrel of a large claim.
We at Insurance Advisors tackled this common issue by putting together our Senior Asset Exchange (SAE) program offering GI solutions and other funding options that allow families to plan for what was not planned for. Many solutions are available and as with everything there is not a one-fits-all product. The SAE program offers multiple options including:
- LTC qualified SPIA – Pays out a lifetime of income leveraging it for LTC at a higher payout of other SPIA’s
- Life Settlement – Converting an existing but not needed life insurance policy into cash funds
- Medicaid Compliant Annuities (MCA) – Protects the estate from complete spenddown saving funds for the survivors while getting mom or dad on Medicaid quicker.
- Other funding strategies such as VA, Reverse Mortgages, … etc.
To learn more and see if this program could work for your clients check out our Senior Asset Exchange