Owning and maintaining multiple policies and premium payments for Long Term Care Insurance, Critical Care, Disability and Life Insurance Policies are becoming unaffordable for most – in fact, chances are that if you live a normal life, healthy life you will never recoup the contributions or benefits originally promised by the underwriting company.
It’s not a good feeling or financial decision to invest so many hard earned dollars into insurance products that may not deliver – yet, the risk of death or experiencing a critical life event are all prudent reasons for doing so.
Among the primary driving forces behind such an anemic outlook in specialty insurance products are advances in medical science and care treatments – as a result, people are outliving their resources.
Longevity and a Healthier population are creating an actuarial nightmare for insurance companies that are obligated to pay claims. In an effort to extend benefits many providers simply cut reimbursements or dramatically increase premiums, or impose unreasonable waiting periods for qualifying events – or just deny the claim all together.
That is why I have never recommended any of these products to my clients! Specialty insurance products are dying a natural death in the insurance industry and there is real controversy about the future availability of promised benefits – not just private insurance companies, but also defined benefit plans like Medicare and Social Security.
Legacy Care Planning takes a “holistic” planning approach with clients that create perpetual wealth and offer protection in the event of critical injury, disability, chronic disease, sickness and death.
The best planning approach sets the stage for ownership and control of a policy, access to tax-free payouts in the event of critical life events known as "Living Benefits”, access to cash values for emergencies, lifetime income streams paid at retirement and a traditional death benefit paid to beneficiaries.
Consider simplifying benefits planning by combining contributions payed into specialty policies – into one affordable premium for one policy that you own and control – that is the opportunity and advantage of owning a “Living Benefits” Life Policy. Cash values in some existing policies may be transferable – many policies offer the option of lifetime income streams that cannot be outlived.
Contact an LCP professional to find out more on how to build perpetual wealth by investing in a "Living Benefits" policy that you own and control – that cannot be denied or reduced at the time of need – your future “Benefits" may depend on it. For more information on this article contact the author at: firstname.lastname@example.org or click the button below for a complimentary benefits review.
For information on Legacy Planning go to: www.legacycareplanning.com