Did You Know?
Long-term care insurance is not a “one size fits all” risk management strategy. It is highly customized. At Gurley LTCI we review four key factors with clients as each factor plays a part in determining the best funding strategy for a specific client. These include:
Health – Long-term care insurance is medically underwritten. Health history will determine insurability and point to carrier(s), product(s) and ultimately determine the cost of the insurance.
Wealth/Income – Long-term care insurance protects assets and income. We want to understand the assets to be protected as well as overall income to determine a comfortably affordable premium.
Asset Location – Provisions of the Pension Protection Act allow for tax-advantaged funding of long-term care insurance policies. We want to know if clients have cash value in life insurance or annuities as this may be a very attractive way to fund a policy.
Financial Goals – As we customize coverage it is important for us to know if clients want to preserve assets to transfer wealth to the next generation or simply want to be sure they can afford quality care.