Long-term health care

You’ve worked hard, saved well, and planned for a great retirement with money left over to pass on to the next generation. Long-term health care planning can help you secure what you’ve spent so long to build.

The fact is people are living longer lives—more than one in three of today’s 65-year-olds will live to age 90.¹

This means you could spend 25 or more years in retirement, and some of those years may include a form of long-term health care to maintain your best life possible.

Whether you require at-home care, assisted living facilities, or nursing home care, long-term health care planning can help cover these costs when you cannot rely on government benefits and don’t want to drain your savings.

Traditional long-term care insurance

With a traditional policy, you can choose the amount of coverage, how long it lasts, and how long you wait to receive benefits. Premiums are not guaranteed and there is no residual value if care isn’t needed.

Asset-based long-term care coverage

Today, most people are opting to use hybrid models of long-term care, life insurance, and annuities to help fund their care needs into retirement.²

With a life insurance hybrid, long-term health care is covered if you need it, but if not, it will pay the face amount upon death. If you do have a long-term health care need, you can draw down the death benefit amount up to a monthly maximum to help cover care costs.

Using a long-term care annuity, you will receive long-term care coverage from a long-term tax-deferred retirement vehicle. Your investment will grow tax-free and will be taxable as ordinary income when distributed.