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Case Study: Joe 71 & Jenny 72 single premium life/LTC hybrid plan
12/05/2024
Case Study: Joe 71 & Jenny 72 single premium life/LTC hybrid plan
This week, we're sharing how Joe & Jenny used a single payment to create a paid up LTC and/or death benefit that pay tax-free when care is needed or when death occurs. This couple is in their 70s and are thankfully healthy enough to be approved for coverage. At 71 and 72, the leverage isn't as strong as when we're inour 40s, 50s or 60s, but we were still able to create a plan that pays significantly more than what is paid in. At younger ages, we would definitely use an inflation rider to increase benefitrs over time as we know the costs of care are increasing. This couple was planning tu use their $200,000 for care if one or both of them needs help living at home, in assisted living or in a nursing home environment. By adding the leverage of the insurance plan, they each have nearly doubled the amount of money set aside for care needs. When we plan in our 40s or 50s, we see leverage at 8-10 times the amount paid in most of the time. I know it seems like we should wait to plan for LTC until later in life, but the leverage when buying younger is amazing. And, with many plans, if you don't need care, then money goes back to your heirs. And when younger, we are more likely to be approved for coverage. Schedule with me to schedule a short call to see if this is something for you to consider.
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