LTC Annuities - Whats Available or Coming?

[Mr_Ed]

What kind of money is available to fund this? There's an annuity company that will give him the ability to pay the premium on a regular LTCi prodcut and so long as there's $1 in the account when he dies it'll pay a beneficiary the entire original premium as a death benefit. It's a variable product though, so you'll need a securities license, and there's only so much money that can come out of the annuity to pay the premiums. If he has the assets it's a nice strategy.

BNTRS,
I've heard of VA's that have a death benefit that guarantee to replace any loss in the VA due to a decrease in the equities the VA was invested in.
But, you're saying that this product has a death benefit that will replace voluntary withdrawals?
How can that be?

Plus, the mortality costs must increase considerably every year as the value of the annuity is decreasing due to the withdrawals.

 

[yankee466]

Hello Yankee,

Did you try one america with that particular case?


Thanks!

That's on my Monday to do list. I never appointed with them, but they keep chasing me.

To the other posters question, I am not securities licensed....so I have to work with what I can.

 

[CALTCAgent]

Hello Yankee,

One America told me they would look at one of my cases. They could just want to "cherry pick". I'd investigate further.

Thanks!

 

[BNTRS]

BNTRS,
I've heard of VA's that have a death benefit that guarantee to replace any loss in the VA due to a decrease in the equities the VA was invested in.
But, you're saying that this product has a death benefit that will replace voluntary withdrawals?
How can that be?

Plus, the mortality costs must increase considerably every year as the value of the annuity is decreasing due to the withdrawals.

You read correctly, they replace entire original premium, or, if there's a high water mark in year seven--kind of random I know--you're beneficiaries get that.

There's no additional mortality charge. It's a rider that has a very reasonable charge--can't remember right off the top of my head. The withdrawals have to remain within the age banded allowed withdrawals otherwise the benefit is reduced pro rata.

It's a rider on Jackson National Life's products. Lifeguard Freedom DB.

 

[rphillips]

That's on my Monday to do list. I never appointed with them, but they keep chasing me.

To the other posters question, I am not securities licensed....so I have to work with what I can.

I did a CE class with OneAmerica yesterday. I'm in NC. He mentioned that there were 5 PPA-approved products on the market in our state and another 50 or so that have been filed. I guess "they're coming!"