The price of a long-term care insurance (LTCI) policy will vary based on a multitude of factors such as your age, health, relationship status, deductible, duration, carrier, and state. There are also add-on features to a policy that can increase the premiums such as inflation protection, shared care, waiver of premium, and premium refund. These are all explained in-depth on our Cost of LTCI page. Today we wanted to show you some examples of product, cost, and what the policy holders will receive as a benefit if they go on claim.
Traditional Long-Term Care
Ages: Male 61 / Female 59
Cost: Male 113.41 per month / Female $175.71 per month
Benefit: Each will receive a Lifetime Maximum Benefit Amount of $150,000, and a Daily Maximum Monthly Benefit Amount of $4,000
Reason for purchasing this product: The couple wanted a strong stand-along long-term care (LTC) product, were in good health with a documented medical history, and had other financial policies in place already for life insurance and retirement.
Short Term Care
Ages: Male 60 / Female 60
Add-Ons: Daily Hospital Indemnity, Recovery Care Rider
Cost: $102.55 per month/each
Benefit: (see image below)
Reason for purchasing this product: The male had not seen a doctor in quite some time, and the female did not meet LTCI carrier height/weight requirements.
Hybrid Life / Long-Term Care
State: District of Columbia
Ages: Male 46 / Female 46
Add-Ons and Features: 20-Pay, : Asset-Care Plus Rider, Accelerated Inflation Option of 3%, and Continuation of Benefit Rider.
Cost: Jointly they pay $520.82 a month for 20 years
Benefit: The death benefit is $167,000 and the LTC portion is $5,000 a month with a 3% rider for an unlimited amount of time.
Reason for purchasing this product: These clients wanted a whole life policy with an LTC rider.
“Our specialists can go over the various carriers, products, riders, benefits, and really tailor something to your family.”
The best thing to do if you have questions about the cost of an LTC policy, is to contact one of our specialists. They can screen share their quoting software and educational materials so that together you can discover and adjust as needed. Every person has individual needs, health concerns, and budgets. Our specialists can go over the various carriers, products, riders, benefits, and really tailor something to your family. Don’t delay, find out if LTCI is something that should be a part of your plan today.