There’s no rule against getting two life insurance policies at the same time. It may fit your situation and help save money. For example, take someone in their late 50’s wanting to protect their spouse by having $500,000 in coverage. One safe and secure option is to have permanent policy, a guaranteed universal life with a lifetime fixed rate no lapse guarantee .
Life insurance can now fund long term care or critical care expenses. Turn your death benefit into a living benefit. American National now offers an impressive group of accelerated benefit riders at no extra charge.
There are three living benefits:
Continue reading “Life insurance bundled with long term care and critical illness”
Woman buy 60% of the life insurance plus long-term care insurance policies, according to research by the American Association for Long-Term Care Insurance. 34% of the woman were between 55 to 64, and 40% were between ages 65 to 74.
North American has the best deal for life plus chronic illness benefit. It’s a universal life policy that can accelerate out 24% a year in cash for chronic illness. End up not needing long term care? Your beneficiaries get the full policy face amount or whatever you haven’t accelerated out for long term care. Also North American policy face amounts start at $25,000 of coverage, so premiums can fit any budget.
For larger face amounts there are single premium policies with Genworth and Lincoln National that offer many advantages such as return of premium. There are also annuities that offer long term care riders which extend long term care coverage 2 or 3 times higher than the face amount.
About 5 years ago I took my oldest son to a sign up meeting for cub scouts in Hampstead, NC. Milling around in the back, John Carroll and myself stuck up one of those, do-I-know-you-from-somewhere conversations. We tried a few names and places but nothing registered. It was probably our Irish looks which drew us to recognize some distant but unmistakable kinship. We had a nice conversation. I remember him talking about Iraq and being a judge. He was friendly and unpretentiousness. He was one of those persons who when you first meet ask questions and is really interested in what you had to say.
That was that, and now he’s gone, after a brief illness leaving behind a wife and four children. I asked my son, a 6th grader at Topsail Middle School, if he knew any kids name Carroll. He said yes, Jack Carroll is in his grade, and they had announced Judge Carroll’s passing away over the intercom. I hope Jack is able to remember going to cub scouts with his dad. That fall day 5 years ago, boyhood excitement as in the air, full of plans for being outdoors and weekend camping trips.
Often something is better than nothing. If you need life insurance, and can’t decide what to get, or can’t afford a permanent policy as big as you need, get term life insurance. Then at least you can convert the term to permanent, even if you’ve developed a health problem. Term is generally all about lowest price, but conversion options is where quality comes in. Genworth has the best conversion with their new Term UL. It’s a fixed price from the get go, locking in the universal life premium rate to age 105.
I got a 10 year term policy after my first child was born. At that point, I needed the most bang for my buck, in case something happened to me. I’m still healthy so when the term ends I can shop for the best deal. But many people run into health problems, and that’s where conversion comes along. Many people in their 60’s end up converting their term policies.