Hybrid Long-Term Care

Hybrid or Asset based long-term care insurance (“LTC”) aims to help cover the cost of treatment for chronic illnesses, disabilities or other conditions that need assistance over an extended period of time. This insurance would help provide skilled care from nurses, therapists, or other professionals for daily living activities such as bathing, dressing, and eating.

Asset-based LTC policies are commonly referred to as Hybrid, Universal Life Insurance with LTC benefits. These policies provide a flexible LTC benefit while still providing a death benefit, return of premium features, and access to cash value. Long-term care benefits are limited to a maximum amount but premiums are usually guaranteed and don’t increase.

When long-term care is needed, the life insurance death benefit or annuity value is accessed to pay for qualifying expenses. The asset-based policies have a death benefit payout that is made to beneficiaries at the time of death if the policy has not been exhausted for long-term care expenses.

Asset-Based/Hybrid Long-Term Care May be Helpful for Clients Who:

• Are concerned about the rising cost of Long-Term Care expenses
• Want to protect their assets/estate
• Want a single premium product
• Want a death benefit if no long-term care is needed
• Are concerned about return of premium

Asset-Based/Hybrid Long-Term Care Insurance Product Specifications

• Issue ages: 40 – 79 years
• Minimum base face amount: $50,000
• Inflation benefit options:
  • 5% Compound Interest
  • 3% Compound Interest
  • None
• Underwriting classes:
  • Simplified issue, Sex-Distinct: Non-tobacco Single, Non-tobacco Couples, Tobacco Single, Tobacco Couples
• Elimination Period: 90 days

Purchasing Asset-Based/Hybrid Long-Term Care Insurance with RetireOne

• Request an illustration
• Review the illustration with your client and have them sign the illustration
• Return the illustration to your RetireOne Regional Director
• Our team will then coordinate a call with your client to complete the application
• Asset-based/Hybrid LTC requires a phone interview, but does not require medical exam