Looking to Fund LTC Through Annuity

[bpenn9]

Hello, I am a captive agent working in the medicare field. Recently ran into a lady with A LOT of money. Can you please tell me how you fund a LTC plan with a split indexed annuity? Need my memory refreshed as well as what carrier or carriers would need be best.

 

[pcwest]

Hello,

You could use either annuities or a life policy with a LTC rider on it. The new Pension Protection Act will allow her to take distributions from a NQ policy to pay for LTC without receiving a 1099.

Lincoln-MoneyGuard UL
Mutual of Omaha-Fixed Annuity
Genworth has a Fixed Annuity as well with a LTC.

Remember these policies are not True "Stand Alone" LTC policies.
Ex.
$100K premium will get the client $300K in benefit.

Clients money comes out first.
Money can be distributed after year 2.
They money has to be used up within 6 years.

I have another idea but I do not know the whole story. Email me at my business address. I would like to help you with this if you would like.

Thanks,