Are you between 60 and 70 years old? If not you, maybe a family member? Then you are about to discover something that could help prevent the total devastation of your personal wealth.
The truth is, it's probably the most important asset you can own. Here's why.
For over 24 years I have helped hundreds of people understand and implement money saving ideas. From birth to death, I have seen families in all financial situations.
As my clients age (and so do I), I can tell you without hesitation that the greatest fear of growing old is losing your ability to remain independent.
We may be living longer, that doesn't mean we are living better.
Chronic diseases are rampant...and they strike when you least expect them.
How many people who have had a stroke knew it was going to happen to them?
How many anticipated that particular moment when they started forgetting things?
The facts speak for themselves. Literally millions of Americans need long-term care...either in nursing homes, daycares, assisted living facilities or in their own homes.
And the cost of providing long-term care is rising with no end in sight.
Think this won't happen to you? Well, I'm sorry. Because this article is not trying to convince anyone of the likelihood that they will need care before they die.
It is for those who understand and appreciate the importance of arming themselves with protection against the horrific expenses of long-term care.
In fact, this article is ideal for those who have already looked at the traditional types of long term care policies and are trying to figure out which type is right for them.
One of the biggest objections to purchasing a long term care policy is that if the benefit is never needed, the premiums paid for the policy will be wasted.
It's a bit like buying car insurance. You have to pay the premium to have your car repaired. But what if you never have an accident. Is this considered losing your bounty?
Funny isn't it? People hardly question paying for car insurance, but they are often resistant to doing so for a long-term care policy.
What if you could still get your premium back - guaranteed - if you never needed long-term care?
And what if you die before you receive long-term care? Wouldn't it be great if your loved ones could collect 100% of your premiums?
How about that? In effect, you are using your entire long-term care benefit. And then you die. What if your family could still get 10% of your premium back.
Now, if you know anything about long term care policies, you're probably wondering why you haven't heard of this guy before.
One reason is that it is not traditional and is not included in the general marketing of long term care policies.
Another is because it takes a large sum of money to buy the policy. $50,000 is typical, and it's a one-time, one-time premium, meaning you'll never be stuck with a premium increase.
It is not uncommon for people in their 60s and 70s to have large sums of money hidden away in bank CDs with low interest rates. A kind of emergency fund.
It makes sense to transfer some of this fund into the policy, as the money continues to earn interest. Plus, she usually pays more than the bank... Plus, interest on the policy is tax-deferred.
It is also common for people of this age to have old life insurance policies with a large cash value.
Many times it is possible to transfer the money into the long term care policy and still retain a meaningful death benefit.
And the future long-term care benefit could easily be worth over a million dollars.
This policy has a 90-day waiting period before benefits are paid. The duration of the benefit can be as short as 4 years or as long as your life. You can also get a 5% Compound Interest Inflation Protection Rider to help with the rising cost of care.
The name of this policy is MoneyGuard. It is a universal life insurance policy with a long term care rider. The issuing life insurance company is Lincoln Life, a subsidiary of Lincoln Financial Group.
