§1035 Exchange – Long Term Care Planning
(a) General rules No gain or loss shall be recognized on the exchange of—
Learn more about 1035 Exchanges involving annuities — Life Health Pro 4.18.008
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Using Annuities to pay for Long Term Care –
– Special Features
Tax Free nature of Long Term Care. IRC §104 (a) (3)
Genworth Total Living Coverage Brochure 20 pages Rev 11.2013
Lincoln Financial – Money Guard Reserve Plus ♦ Illustration This universal life insurance with an optional long-term care benefit rider1 gives you a choice of premium payment options of 1 through 10 years.
Unlike traditional long-term care insurance, your policy costs are set at issue and will never increase. Your policy provides benefits — even if you never need care, provided all planned premiums are paid.
See brochures in the right hand column
By paying an initial lump sum premium, you immediately create a death benefit for your beneficiaries and a pool of money to pay for covered long term care needs.
You’ve got benefits
- If you need long-term care
You get more for your money because your policy provides income tax-free reimbursements for qualified long-term care expenses worth more than your premium payments. 1 There’s no deductible or waiting period, which could make a real difference in your total out-of-pocket costs for qualified long-term care expenses.
- If you don’t need long-term care
Your policy provides an income tax-free death benefit. Your children, or other loved ones, designated as beneficiaries, will receive a legacy. 2 The death benefit would be reduced by any loans, withdrawals and benefits paid.
- If you change your mind
You have options. You may choose to:
- Maximize your long-term care benefits — A return of 80% of your paid premiums is available once all planned premiums are paid. 3
— OR —
- Maximize your return of premium — 100% of return of premium is available after year 5 provided all planned premiums are paid; additional cost applies. 3 Lincoln Website
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NAIC Model Regulation 620 (MDL-620) 22 page pdf This model regulates accelerated benefit provisions of individual and group life insurance policies and provides required standards of disclosure. It applies to all accelerated benefits provisions not subject to the Long-Term Care Insurance Model Act (MDL-640).
Immediate Need Annuity
Guaranteed LIFETIME income
Long Term Care alternative
An Income Assurance Immediate Need Annuity guarantees monthly income that cannot be outlived and can be used for any purpose, including paying for care in any setting. It is designed for those with adverse health conditions whose age/health may preclude them from long term care insurance coverage options.
You cannot be turned down due to your health and there are no claims to file, nor on-going health assessments.
GUARANTEED SOURCE OF MONTHLY INCOME TO USE FOR ANY PURPOSE INCLUDING:
• Living expenses
• Medical expenses
• Cost of long term care
This medically underwritten product is designed to provide higher monthly income for the same premium than a traditional single premium immediate annuity, particularly for individuals who are less healthy and need care.