Long Term Care Insurance (Asset-based LTC approach)

Estimated cost of LTC in 20 yrs based on averages:

• $166,300 per year @ 2.2 yrs for men = $365,860
• $166,300 per year @ 3.7 yrs for women = $615,310
• $166,300 per year @ 8 yrs for Alzheimer's = $1,330,400

According to The National Long-Term Care Clearinghouse:

About 70% of individuals over age 65 will require at least some type of     long-term care service during their lifetime.

Over 40% will need care in a nursing home for some period of time.  Women need care for longer (on avg. 3.7 years) than do men (on avg. 2.2 years).

Source:  U.S. Department of Health and Human Services, www.longtermcare.gov, 4/12/12

"If you need long term care, how would it affect your family?"

The four important considerations when a loved one needs care:

• Spouses - Many times the stress of caring for a chronically ill loved can impact the health of the caregiver as well.
• Children - When the spouse isn't involved, other loved ones carry the burden.  Often the eldest daughter quits job, moves in or moves parent in her home, gives up career - as any child would probably feel obligated to do.
• Family dynamics - When informal care is needed, it may not be shared equally amongst the adult children.  Often one sibling bears the burden and it can affect the relationship with siblings.
• Unnecessary losses - You can never avoid all losses; however, the unnecessary spiritual, emotional, financial, and familial losses could be mitigated when one prepares.

"How will you pay for it?"

Self Funding Options:

Insurance Options:

• Traditional LTC Insurance - (many plans viewed as use it or lose it)

• Asset-based LTC - provides living and Guaranteed benefits in the form of cash accumulation / death benefit if care is never needed.

Your chances of needing LTC during your lifetime are either 0% or 100%

"Protect Yourself, Your Family and Your Assets!"

Asset-based LTC

Asset-based long-term care policies work by leveraging existing assets to help pay for long-term care expenses only if they are needed. If long-term expenses are not incurred, the assets pass on to your heirs. And yes, you are allowed to change your mind, you may "CASH-OUT" at any time!

EXAMPLE: $125k cash value life insurance = $252k LTC benefit or $252k death benefit.  Quit - Live - Die

Want to learn more?  Click here and complete the confidential survey, or call 630-696-5173 where an experienced LTCi expert is ready to assist.

To contact a LTC insurance agent in Naperville, Illinois call 630-696-5173