I am the Goose
If you had a goose that laid golden eggs.
What is more valuable the goose or the eggs?
Most people protect and insure the eggs...their things: house, cars, boats, even phones .....smart. They fail to insure the most valuable asset their ability to earn income....lay golden eggs ....not smart
Life Insurance You Don’t Have to Die to Use
Why Living Benefits
have at least one chronic condition,
and 77% have at least two.(3)
Every 40 seconds an
American has a heart attack (4)
—50% of heart attack victims survive more than five years (5)
Every 40 seconds an
American suffers a stroke (6)
60% of Americans
are concerned about paying for
healthcare in retirement
$260,000
healthcare costs in retirement for an
average retiring 65-year old couple (7)
Long-term care does not always mean institutional care. It is hands-on assistance to individuals who need help with the activities of daily living, or ADLs.
ADLs are routine things that healthy people don’t give a second thought to: bathing, dressing, eating and getting around.
The need for long-term care may be due to physical limitations or disabilities resulting from accident, injury, illness or aging.
It can also be due to a cognitive impairment resulting from a stroke, or Alzheimer’s disease. To add insult to injury you not only lose your income if you can’t work you also need to “hire” someone to care for you
Usually, in fact, it is provided by unpaid family or friends.
If you think long-term care is primarily needed by the elderly, you’re incorrect.
Nearly 41% of long-term care is provided to people under age 65 who need help taking care of themselves after an accident or stroke or as a result of chronic illness or debilitating diseases. (1)
Additional info and notes
(1) Based on current federal income tax laws, policy
owners should consult a qualified tax advisor.
(2) Insured must be certified as chronically ill by a licensed
physician and meet all eligibility requirements.
(3) https://www.ncoa.org/news/resources-forreporters/get-the-facts/healthy-aging-facts
Accessed 02/27/2017
(4) http://professional.heart.org/idc/groups/
ahamah-public/@wcm/@sop/@smd/documents/
downloadable/ucm_491265.pdf
(5) http://www.nytimes.com/health/guides/disease/
stroke/print.html
6 https://www.cdc.gov/stroke/facts.htm
(7) https://www.fidelity.com/about-fidelity/employerservices/health-care-costs-for-couples-in-retirement-rise
8 http://www.plansponsor.com/Most-AmericansConcerned-About-Health-Care-Costs-in-Retirement/
IMPORTANT CONSUMER DISCLOSURES REGARDING ACCELERATED BENEFIT RIDERS
An Accelerated Death Benefit Rider (ABR) is not a replacement for Long Term Care Insurance (LTCI). It is a life insurance benefit that gives you the option to accelerate some of the death benefit in the event the insured meets the criteria for a qualifying event described in the policy. The rider does not provide long-term care insurance subject to California insurance law, is not a California Partnership for Long-Term Care program policy. The policy is not a Medicare supplement. ABRs and LTCI provide
different types of benefits. An ABR allows the insured to access a portion of the life insurance policy’s death benefit while living. ABR payments are unrestricted and may be used for any purpose. LTCI provides reimbursement for necessary care received due to the inability to perform activities of daily living or cognitive impairment. LTCI coverage may include reimbursement for the cost of a nursing home, assisted living, home health care, homemaker services, adult day care, hospice services or respite care for the primary caretaker and the benefits may be conditioned on certain requirements or meeting an elimination period or limited by type of service, the number of days or a maximum dollar limit. Some ABRs and all LTCI are conditioned upon the insured not being able to perform two or more of the activities of daily living or being cognitively impaired. This ABR pays proceeds that are intended to qualify for favorable tax treatment under section 101(g) of the Federal Internal Revenue Code. The federal, state, or local tax consequences resulting from payment of an ABR will depend on the specific facts and circumstances, and consequently advice and guidance should be obtained from a personal tax advisor prior to the receipt of any payments. ABR payments may affect eligibility for, or amounts of, Medicaid or other benefits provided by federal, state, or local government. Death benefits and policy values, such as cash values, premium payments and cost of insurance charges if applicable, will be reduced if an ABR payment is made. ABR payments may be limited by the contract or by outstanding policy loans.