Alternative LTC Planning with “Linked Benefit Plans”
Preparing for the potential need for long-term care makes sense, especially if you can help protect your existing assets at the same time. Your loved ones may also appreciate your preparations. Linked Benefit Plans provide guaranteed benefits you can tap into to reimburse qualified long-term care costs, helping to protect assets you've set aside for retirement. It offers a simple solution that makes sense for today and for tomorrow. While CLA has access to some great annuity-LTC linked benefit products, most of our planning has been done using Life Insurance/LTC linked plans. Typically paid with a single premium payment, they can provide multiple benefit options to cover an individual's or husband and wife’s needs...including a money-back guarantee, minimum death benefit and long-term care benefit guarantees. Life/LTC linked plans basically utilize a life insurance policy with a rider that accelerates the specified amount of death benefit to pay for covered long-term care expenses. The cost of riders are usually deducted from the policy value.