We hope that after reading this material you are sufficiently motivated to learn more about LTCI. Our firm specializes in helping clients find the right LTCI benefit at the lowest possible cost. If you would like help, please click here to email us or phone 704.464.2426. To sign up for a free consultation or to just get more information click here.
WHAT IS A “SINGLE PREMIUM” LIFE (SPL) POLICY?
It’s a policy designed to act partially like an annuity and partially like a long-term care (LTC) policy. Most life insurance policies are funded for two reasons: 1) death benefit or 2) cash accumulation.
A SPL policy is funded partially for the death benefit, but it is also funded to provide significant “living” benefits(accelerated for LTC expenses and if the client has a critical and terminal illnesses).
Since nearly 70% of all Americans will need LTC at some point in their lives, it’s a given that everyone should have LTC insurance. We know traditional LTC insurance can be expensive, and an SPL policy can be a nice alternative for money that people would typically keep in a safe place such as CDs or money market accounts.