What follows are 3 options this healthy couple can choose from with
products available in 2020.
Traditional LTC policy
The couple can purchase a lifetime shared-benefit pool of $1,000,000. The plan will pay at a rate of $10,000 per month. The combined total annual premium is $4965.
Hybrid
Each applicant makes a one-time $100,000 lump sum premium deposit. No further premiums are due. The male has an initial lifetime LTC benefit pool of $433,000. In 30 years, this benefit will grow to $1,020,000. Should he never require LTC services, his beneficiaries will receive a death benefit of $145,000. The female has an initial lifetime LTC benefit pool of $382,000. In 30 years, her benefit will grow to $901,000. Should she never require LTC services, her beneficiaries will receive a death benefit of $128,000.
Life Insurance with a Living Benefit Rider
Each individual purchases a Guaranteed Universal life policy with a $250,000 Death Benefit. Should an illness occur, each plan will pay a benefit of $10,000 per month (4% of the Death benefit). His premiums are $3670 per year. Hers are $2911 per year.