LONG TERM CARE ANNUITIES

If you require long term care, benefits will be paid to cover the long term care expenses out of the annuity on a tax free basis. If care is never needed then the annuity value will be paid in full to your beneficiaries at the time of death. Because of this dual usage of the annuity, you are guaranteed to always get your money back whether you need care or not.

Long Term Care Annuities are great for you if you can pay for your coverage with a single premium and if you don't want traditional long term care insurance. If you have an old annuity you can transfer the money into this type of annuity with a tax free exchange. It is also great for people who want to avoid medical exams to obtain coverage as only a phone interview is required.

A long term care annuity is funded with a single premium or a tax free transfer from another annuity that you own. Your money in the annuity grows tax deferred at a fixed rate of interest. If you need long term care, the annuity will pay for your care on a tax free basis. You will receive additional money from the insurance company to help pay for long term care. If you never need long term care the money in the annuity will be paid to your beneficiaries.

A Long Term Care Annuity is an excellent solution for those who want to pay their premium in a lump sum and always get their money back regardless of if they ever need long term care.