Forbes: “New and Unexpected Ways to Fund Long-Term Care Expenses,” 2014-04-21

ClarkeH6_TheClarkeSchool_IndNews_New_Ways_Fund_LTC_20140421Long-term care planning is much more than just buying insurance. Less than 10% of people have a long-term care plan, and only 8% have long-term care insurance. Yet nearly 70% of people will need long-term care at some point in their lives.
Discover how hybrid policies a combination of life insurance and long-term care policies bring new opportunities to funding long-term care expenses.
Long-term care expenses can also be financed through a variety of newly developed “hybrid” or so called linked-benefit products. One method seeing tremendous growth and adoption is the life insurance policy that offers tax qualified long-term care riders. Life insurance policies can also be used to fund long-term care costs in a variety of other manners: withdrawals or policy loans, life settlement option, or a viatical settlement. Annuities can also be used to fund hybrid plans. Companies like One America offer fixed annuities with long-term care riders. An existing life insurance or annuity product can fund a hybrid product via a 1035 exchange.