November is LTC Awareness Month! What is Long-Term Care Insurance?
LTC insurance helps pay for the costs associated with long-term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. LTC Claims are paid based on Activity of Daily Living or ADL Impairment. Once an insured is deemed unable to perform 2 out of 6 ADLs by a certified physician, claims will be paid.
Activities of Daily Living (ADLs) –
Individuals who require long-term care are generally not sick in the traditional sense but are unable to perform two of the six activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
LTC Risk Today – 2021
Long-term care is an issue today more than ever because people are living longer. As people age, many times they need help with everyday activities of daily living or require supervision due to severe cognitive impairment. This impacts women even more since they tend to live longer than men, and often become caregivers to others.
Traditional Long-Term Care
We have several traditional LTC options with A-rated carriers. Clients can buy LTC as a single person, or as a joint policy with their spouse. Married couples will receive marital discounts whether both apply or just one. Clients generally pay premiums over a lifetime although we do have limited payment options.
Hybrid Life & Annuity LTC Options
Most of the LTC planning today is done using hybrid Life & Annuity products. Click here for more info on the costs of LTC and how Hybrid plans are footing the bill.
Life LTC Hybrid
Life insurance with Accelerated Death Benefit for Chronic/Critical/Terminal illness. Some will accelerate the full Death Benefit while others are limited. More involved LTC Riders can be added with some carriers. Premiums can be paid systematically or in a lump sum. Click Here for a recent webinar we did with Lincoln Financial on their MoneyGuard Life LTC Hybrid.
Annuity LTC Hybrid
Generally require a lump-sum premium. Many of the guaranteed lifetime income annuities offer income enhancements for LTC. Some are for the nursing homes only while others cover home care as well. Some annuities have more robust enhancements than others so picking the right product for the client is important. Click here for info on NEW exclusive Nationwide PEAK 10 Annuity.
LTC Quoting Tool
Every agent can quote LTC on our website for free. Visit – https://pfsinsurance.com/services/quoting
LTC Whitepaper & Fact-Finder
Contact us for complementary LTC Whitepaper and Fact-Finding Tools.
Life, Annuity, & LTC Pre-Set Appointment Program
We provide agents with pre-set appointments with State and Federal employees at a very low cost. This program sets exclusive appointments with pension-eligible employees. No commitment or up-front cost. Can be on appointment and selling very quickly. Pre-Set Appointment Best Practices
Are you new to Life, Annuity, and/or LTC Sales?
If you are just getting started with Life, Annuity, and/or LTC products or are just learning about them, click here for more info. Training is provided on products, fact-finding, selling concepts, etc.
1 (800) 772-6881 x7731 | sales@pfsinsurance.com
Josh Horton
Assistant Vice President | Life & Annuity
Contact a Pinnacle Representative if you have any questions.
1 (800) 772-6881
support@pfsinsurance.com
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