Lincoln Financial offers some great resources when planning to purchase a Hybrid Long Term Care plan for your family.
All hybrid LTC plans are built off of either an annuity or a life insurance policy. MoneyGuard is built off of a guaranteed universal life insurance chassis. Your total benefit pool for long term care will be determined by factors including: your age, gender, selected benefit period, inflation protection and deposit amount.
Policies can be funded with a one-time single premium or through installment payments of 2-10 years. All things being equal, your life insurance policy (and LTC benefit pool) will be larger if the funds are deposited over shorter amount of time or through a single premium. You can choose between 2-7 year benefit periods, but the policy will last longer than your chosen term if you are not using the full allotted long term care benefit amount each month.
Both 3% and 5% compounding inflation options are available for purchase so the policy benefits can keep up with the rising costs of health care. When inflation protection is added, policies can create a sizable future benefit pool for the insured.
MoneyGuard offers an 80% and 100% return of premium feature should the insured want/need their premiums returned. One of these two options is chosen at purchase and will affect the overall benefit pool.
About Lincoln Financial
Any time you are investing large sums of money, you want to know that the company backing your policy is going to be around when you need them most… and that they will make good on their promises. Lincoln Financial has been offering insurance and investments since 1905 – well over 100 years.
They have an A+ rating with AM Best which is the second highest rating available. They offer life insurance, annuities, group benefits and several other lines of insurance which helps them to diversify their risk. They are a strong and reliable company.
Click the link to explore Lincoln Financial’s current Long Term Care Plans or give us a call to discuss the right option for your family. Call Now: 704-461-0640