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Thread: SPL with LTC/

  1. #1
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    Question SPL with LTC/

    My client already has a Genworth LTC plan whose premiums continue to rise. Therefore she is considering canceling it at its current coverage. She also has a $5000 paid-up whole life policy through Equitable. She already owns her burial plot. Her concern is that, should she live another 20 years, the final expense costs as well as the LTC, while currently generous, might be insufficient. She wants to purchase $10,000-20,000 max of final expense. Is there a company with a low face value SPL with a LTC rider? Or should I introduce a hybrid annuity? Your best advice, please.



  2. #2
    Senior Member Level 1 DavidBlock's Avatar
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    If you are looking to do what is best, why not just sell her an additional life plan, if she is healthy, versus a final expense product. At least most traditional life plans have a critical illness rider and some offer a LTCi rider too (though expensive, as a rule). A hybrid plan at $10K or $20K will have a lot of fees and the cost versus benefit is questionable. Plus, how much LTCi would she receive for that face amount?
    David M. Block, CLTC
    President
    Insurance Specialties, Inc.
    PO Box 1809
    Candler, NC 28715-1809
    800.358.8844 toll free
    828-667-1119 local
    828-667-2229 local fax
    www.insurance-specialties.com

  3. #3
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    What companies do you suggest I contact for whole life with critical care for this 74-year-old female?

  4. #4
    Senior Member Level 1 DavidBlock's Avatar
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    For small face amounts I know that Assurity Life has a Living Benefit rider as does Mass Mutual. If you would like the name of an excellent life brokerage agency, please let me know and I will be happy to send you their contact information. I am certain there are many other carriers than what I have listed that can help.
    David M. Block, CLTC
    President
    Insurance Specialties, Inc.
    PO Box 1809
    Candler, NC 28715-1809
    800.358.8844 toll free
    828-667-1119 local
    828-667-2229 local fax
    www.insurance-specialties.com

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