Financial Representative
Daniel B. Tercero
Business Solutions & Financial Services Inc
Tel: 786-246-4411
E-Mail: tercero@allstate.com
Long Term Care
Individual life insurance
Business life insurance
Employee Benefits
Retirement plan
Avoid Family Being Caregivers and burnout when caring for you in the First Place
Get a Life Insurance
with
Long Term Care Rider
What is Long Term Care?
Long term care (LTC) is the assistance or supervision you may need
when you are unable to do some of the basic activities of daily
living (ADLs): bathing, dressing, eating, continence, toileting and
transferring. You also may need help because of a severe cognitive
an impairment that can be caused by Alzheimer’s disease or other
brain disorders.
A need for long-term care may result from:
• Accidents
• Illness
• Advanced aging
• Strokes
• Other chronic conditions
Long term care can be received at home, in the community, or in an
assisted living or nursing facility. You may qualify for long-term care
insurance benefits if you can’t perform two ADLs by yourself for at least
90 days or require substantial supervision if you suffer from a severe
cognitive impairment.
Many people don’t think about how the need for
long term care could
impact them and their family.
If you aren’t protected, how would that
affect your retirement plans and your family?
Long Term Care Insurance Can Help You Gain Control
Long term care insurance can be a practical and more affordable way to
help pay the high costs of long term care services.
It may also help you:
• Maintain your independence so that you don’t become
a burden on your family
• Maintain more control over how you spend your savings
• Have more choice in who provides your care and
where you receive it
Why Consider Long Term Care Insurance?
While it is nice to imagine living independently for the rest
of your years, the time may come when you need help with
everyday self-care activities such as getting up and dressed,
eating, using the washroom, or bathing.
Now’s the time to consider long-term care insurance
Many are surprised to learn that Medicare typically does not cover this type of care, you may have some ideas on how you would manage handling it, such as:
The high the costs of long-term care services could require you to reallocate income, liquidate assets and can
impact your savings and may disrupt your existing
retirement spending plans.
because of other
obligations and the specialized services needed,
many family members are not equipped to provide
this physically and emotionally demanding care. The
stress may even impact their overall health and
ultimately, they may be forced to cut down work
hours or retire earlier, impacting their own long-term
financial goals.
Long term care (LTC) insurance can offer you an appealing solution.
Using your income and savings
Relying on family members
LTC insurance can help address your concerns
When making plans to help ensure your future financial security,
it is important to ask some
tough questions about the challenges that life can present
such as the potential need for long term care services
-
Who would provide your long-term care if you should need it?
-
How would those closest to you be affected if you ever need such care?
-
What impact would be paying for care have on your retirement portfolio? Or your surviving spouse’s income?
-
Would you have expenses you could eliminate or would you need to liquidate assets to help pay for LTC?
-
What are the tax implications of doing so?
Long-term care insurance gives you the resources
to help protect you from having to pay for care
and your family from having to provide it.
Created specifically to help pay for the types of care that
people need as they age, LTC insurance can help you:
• Afford specialized services from qualified long-term care
providers
• Protect your income and assets from the financial
consequences of paying for such care out of pocket
• Shield your loved ones from the physical and emotional
toll of providing care that they may not have the skills or
resources to do
• Ensure that those taking care of you have the training
needed to keep you comfortable and safe
What Long Term Care insurance choice is best for you?
Long-term care coverage can take two forms:
-
A standalone policy, which only pays a benefit if long-term care is needed, or
-
A “combination” policy, where long-term care coverage is paired with other types of protection a family needs,
such as life insurance.
Making the best choice for your needs involves
balancing various factors:
Determine your protection needs
• A standalone long-term care insurance policy pays benefits only if you have a qualified long-term care need; if you never do,
your policy will not pay a benefit.
• With a long-term care rider, you are purchasing all of the advantages that a life insurance policy can offer;
you’re able to borrow or withdraw from your policy’s cash value
to supplement retirement income
while being able to access your death benefit to pay for LTC if needed. Any of the death benefits not used for long-term care
will be passed on to your loved ones.
And if you never need long-term care,
they’ll receive the entire amount.
Consider the cost of coverage
• While the current cost of standalone long-term care insurance is generally less than a life insurance
policy with a long-term care rider, rates can rise,
and fewer standalone products are available. Also,
with a standalone policy, you are addressing just one need.
• With a combination policy, you can address both life and LTC insurance needs with one cost-efficient
a policy that often costs less than buying separate permanent and LTC insurance policies. In some
instances, a long-term care rider offers a guaranteed rate
making planning easier.
Check how benefits are paid
Keep in mind that LTC coverage is meant to cover long-term care expenses. But plans vary in how they
address this:
• Some plans offer a reimbursement benefit model, which pays only for the qualified long-term care
costs you incur, up to a monthly maximum you choose.
• Other plans use an indemnity benefit model, where you receive a set amount each month regardless
of, your actual care costs, this payment is often based
on maximums regulated by the government
Life insurance policy with our Long Term Care
rider can offer you comprehensive coverage
and convenience including:
• Financial protection for you and your family
• Income tax free access to a portion of the death benefit on a
monthly basis to help pay long term care expenses
• The option to have the company pay care providers
directly, so you can avoid the need to manage receipts
• The advantage of affording specialized care from licensed
professionals who have the specific training needed
to ensure your safety
• Access to expert guidance from day one in considering and
navigating your options
• The security of knowing you’ll have resources to help protect
your family from the financial, physical, and emotional
challenges of handling your long term care needs
on their own
• The possibility of a larger legacy for your loved ones through your policy’s tax-free death benefit
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