Asset Based Long-Term Care Insurance
Also called hybrids, these product link your long-term care benefits to additional insurance benefits such as life insurance or an annuity. These products are designed to leverage the premium three to five times creating a pool of money that can be used for care needs.
Usually sold to people ages 18-80 and inflation protection can be added.
Underwriting is generally more lenient than traditional designs.
If you die never having needed long-term care, there is a tax-free death benefit for your beneficiary.
Money back guarantee if you decide you no longer want long-term care insurance.
Paid in a single premium usually $50,000-$100,000 or in a multi year pay arrangement. Can be funded through a 1035 exchange without incurring a taxable event by using the cash value of a life insurance policy or annuity.