The LTC hybrid market has undergone changes with new products being introduced, price adjustments, and rate increases. One particular product demanding attention blends an annuity and LTC together; below are some highlights:
- A+ Rated Carrier
- Current fixed interest rate of 5.5% for deposits under $200k and 6% for deposits $200k+
- Only 9 medical questions to qualify
- No exam required; No medical records ordered
- 2x or 3x leveraging for LTC depending on medical rate class
- ($200k deposit becomes either $400k or $600k for LTC)
- All payments for LTC are TAX-FREE, including any deferred gains rolled in from another annuity or life insurance contract
- 0-day wait for home health care
- Can be single or joint contract in most states
- 72-month benefit period for individuals or 90-month benefit period for joint
- NQ Single-premium only
- Minimum deposit $35k; Maximum deposit $600k for individuals or $900k joint
- Ages 50-80 are eligible
Ideal prospects for this are age 50-70 with average or better health. They would have old life insurance policies with cash value, annuities coming out of surrender, money in bank accounts, money markets, or CDs. The rates of 5.5% – 6% grow tax deferred and are currently better than most MYGA rates in the market, and lots of clients are seeing value in moving money to earn more interest AND get up to 3x value for LTC benefits.
A major feature of this annuity is that ALL LTC benefits are TAX–FREE. This means if an annuity with a taxable gain is rolled into this product, the client receives All LTC benefits tax-free, allowing them to bypass paying taxes on the deferred gains.
Give the experts at Wholehan Marketing a call to learn more and let us know how we can help with your next hybrid LTC case!