A Long-Term Care Insurance Plan That We Really Like
As you may have heard, the costs of long-term care (LTC) keep going up, with no end currently in sight. And along with those costs of care, the premiums for LTC insurance have also risen tremendously over the past 15 years, just to keep up. Did you know that your long-term care insurance premiums can rise even when you’ve already got a policy in force? And what if you never even need to use that policy? In the minds of many, long-term care insurance seems like a potential waste of money.
With the uncertainties of costs, and not knowing if you’ll ever need the policy in the first place, planning for what could be a huge expense out of your nest egg is difficult at best. Nobody wants to have their retirement savings decimated by the cost of long-term care. Yet this is exactly what often happens to people who don’t prepare for those expenses. Since planning is ultimately about finding potential solutions to problems down the road, we have what we believe may be just the right answer to these LTC issues.
On this week’s edition of Lucia Capital Group Weekly, our “Professor” Rick Plum talks about a type of life insurance that allows you to access the policy’s death benefit before you die to help pay for your long-term care needs. That’s right: “use it or lose it” LTC insurance may soon be a thing of the past. Check out this week’s video to get the details!
The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.
You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. Insurance product guarantees are subject to the claims-paying ability of the issuing insurance company and are subject to their terms and conditions.
Insurance products offered through Lucia Securities, LLC, dba for Lucia Insurance Services (CA Insurance Lic. #0H40817). Lucia Securities is licensed to offer such insurance products as life, disability, long-term care, and annuities.
Long Term Care coverage policies and provisions may not be available in all states. Approval may be subject to the terms and conditions of the insurance company. Insurance product guarantees are subject to the claims-paying ability of the issuing insurance company and are subject to their terms and conditions.
Examples cited are hypothetical, are for illustrative purposes only, are not guaranteed and subject to potential federal and state law amendments. There is no guarantee that you will achieve the results discussed or illustrated.
The information in these materials may change at any time and without notice. No client or prospective client should assume that the presentation (or any component thereof) serves as the receipt of, or a substitute for, personalized advice from Lucia Capital Group or from any other investment professional.
Rick Plum is a registered representative of, and offers securities through, Lucia Securities, LLC (“LSL”), a registered broker/dealer, member FINRA/SIPC. Advisory services offered through Lucia Capital Group, a registered investment advisor, and holding company for its affiliated broker/dealer LSL. Registration with the SEC does not imply a certain level of skill or training.