Life & Long Term Care Plan

no medical
no paperwork
Lifetime Coverage
schedule a call Pricing Questions

PERMANENT SOLUTIONS AT A BUNDLED RATE

An exclusively built permanent life insurance policy that you may use for death benefit, long term care coverage or cash accumulation, without the need for a medical exam.*

* Some restrictions apply. Watch the video
 
  • Click the Enroll button below to provide your information and desired coverage amount.
  • We will provide an email with the policy contract language, pricing, and electronic application process.
  • Once you approve the provided information, we will apply for a health rating with the insurance carrier and confirm one last time with you before moving forward
  • Should you desire higher coverage amounts, please advise in the message section.
  • While one carrier in particular has provided exclusive underwriting, will also provide the pricing of any other policy available in the market to confirm the best option for you.


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Already own permanent life insurance?

A cost benefit analysis is available.

Introducing A New Plan To Protect Yourself And Your Assets From The Unexpected.

A unique policy that offers both Life Insurance and Long Term Care

  • A personally owned life insurance policy that provides a tax-free death benefit for your lifetime with an annual premium designed to remain the same for life. This is not term life or whole life insurance.
  • Death Benefit coverage of $500K, $1M, $1.5M or $2M with limited medical requirements and no medical exam. Higher limits are available and will require a medical exam.

Nearly 40% of individuals who require LTC are between 18 and 64

  • Option to add Tax-Free Long Term Care (LTC) equal to your death benefit amount by answering a few simple medical questions. Annual premium also designed to remain the same for life. No medical exam and no paperwork.
  • If you live to age 65, there is almost a 70% chance you will need some type of Long Term Care.* The current cost for home health care can range anywhere from $16,744 to $200,928 per year.**

We may be able to save you money on your current policy

  • Your cost for Death Benefit and/or Long Term Care in this policy is below market. If you currently own permanent life insurance or LTC, a no obligation cost/benefit analysis is available.
  • Proprietary policy from a highly rated life insurance carrier with an A+ rating from A.M. Best and A1 from Moody’s.

* https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html , 2017.

** Genworth Financial Cost of Care Survey 2019. Assumes rate of $23/hour between 2 hour to 24 hour care.

*** A.M Best Rating of A+ (Superior) is the 2nd highest of 16 Ratings from A++ to S. Moody’s Rating of A1 (Good) is the 5th highest of 21 ratings from Aaa to C.

Exclusive Program for E&Y

We’ve partnered with a top insurance carrier to provide a turnkey application and underwriting process you cannot access in the general marketplace:

*If a New York resident, click here.

Permanent Life Insurance

  • Using an Index Universal Life insurance policy, you may protect your assets and family with a tax-free1 Death Benefit, paid to beneficiaries upon your death. However, we can provide pricing for any policy type and carrier to show all market pricing.
  • Policy is designed to carry to Age 95, with premiums remaining level for life, under the designed assumptions. Policy is flexible, in that if you wish to have the policy carry as far as Age 120 or if you desire to fund the policy over a shorter period of time (10 years, 20 years, etc.), a revised illustration can be provided upon request.
  • Policy will contain accessible Cash Value should you decide you no longer need the coverage. A surrender charge or taxes may apply depending on the time you withdraw.
  • The policy automatically includes a Guarantee on your Death Benefit, approximately to age 88, in the form of a No Lapse Guarantee rider if premiums are paid as scheduled. The No Lapse Guarantee will vary based on your final insurance rating. The charge for this rider is included in your premium and provides an additional layer of protection.
  • Available coverage amounts of $500K, $1M, $1.5M and $2M without a medical exam and little medical information. Higher limits are available with a medical exam.
  • Proprietary policy from a highly rated life insurance carrier with an A+ rating from A.M. Best and A1 from Moody’s.

Long Term Care Coverage

  • Option to add Long Term Care coverage at minimal cost, in the form of a rider on your selected Death Benefit. The LTC coverage amount will match that of your Death Benefit selected. The premium cost for the rider will be communicated prior to underwriting.
  • The Long Term Care rider allows you to access your Death Benefit early on a tax-free1 basis should an LTC situation arise.
  • If you activate the Long Term Care rider, you may begin to withdraw your Death Benefit early for Long Term Care expenses. The Cash Value will no longer be accessible, however all future premiums will cease.
  • As you draw down on your LTC benefit, your Death Benefit will decrease by the amount withdrawn dollar for dollar, with the remaining amount as a fully paid up Death Benefit

Minimal Underwriting

  • No medical exam and limited medical information is required within the program for coverage limits of $500K, $1M, $1.5M and $2M with or without Long Term Care. The process will also include an electronic application.
  • If there is another product or carrier you wish to pursue, we can do this for you but will likely require a medical exam, additional medical information, and may require a paper application.
  • The basic medical questions will result in the ability to receive a Substandard, Standard, Preferred or Preferred plus health rating. The carrier will also perform Medical Information Bureau, Motor Vehicle, and Prescription database checks. Depending on your answers and database checks, you may be asked to provide additional medical information or declined coverage.

We may be able to save you money

Cost/Benefit Analysis

Whether your life insurance policy is brand new or you’ve owned it for decades, the Life & Long Term Care Plan policy may be able to provide significant savings and/or broader coverage at no additional cost.

Why review your policy?

  • An objective no cost review relative to current needs.
  • Analysis of current performance vs. the original design.
  • Further stress testing with the continuing low interest rate environment.
  • Analysis of the current funding and how it compares to Life & Long Term Care Plan.
  • A review of riders that may enhance current coverage.
  • It is highly likely your current cost for Death Benefit coverage is anywhere from 10% - 50% higher than the proposed proprietary policy.

Between ages 40 and 60, the policy will be the best in its class over 80% of the time compared to market alternatives on an apples to apples basis

$1M Death Benefit only

Age Male Female
40
45
50
55
60

$1M Death Benefit with Long Term Care

Age Male Female
40
45
50
55
60

Comparison includes most competitively priced products amongst top insurance carriers that provide similar No Lapse Guarantee and Long Term Care feature at a Standard health rating, however some products may not be included and should be reviewed in more detail.

Best Performing in category

Second Best Performing in category

Third Best Performing in category

Let us prove it to you with a no obligation cost/benefit analysis, which can be done in 3 simple steps:

  1. Ask your existing insurance representative to provide you with a "current in-force illustration."
  2. Upload the illustration.
  3. We'll email you the cost/benefit analysis.

Upload Your Illustration

Click here to upload PDF

Myths about long term care

Long Term Care will be paid for by health insurance, Medicare, or Medicaid

Reality:

Health insurance will only pay for people who are generally getting better. Medicare only pays a maximum of 100 days coverage, after a 3 day stay in a nursing home. Medicaid is for the impoverished, which means assets have to be less than $2,000.

Most people who need Long Term Care go to a nursing home

Reality:

Most long term care is given outside a nursing home. Statistics show 73% of people who need long term care live and are able to receive care at home or in a community service setting (assisted living, adult day care, etc.).

My parents and grandparents did not need Long Term Care, so neither will I

Reality:

There is a 50% chance you will need some type of long term care. If you live to age 65, that percentage goes up to a 70% chance.

I'll just pay for Long Term Care out of savings

Reality:

The average stay in a nursing home is 2.5 years, and the average time in care outside a nursing home is 4.5 years. The annual median cost of a private room in a nursing home is $102,200 and a semi-private room is $90,155. Assisted living is $48,612/year and specialized home health care costs between $23 to $25/hour.

My spouse and I can just take care of each other

Reality:

Women who live past age 65 have a 50% greater chance of entering a nursing home than men. Women need care longer (on average 3.5 years) than men do (2.2 years), and live longer than men (5 years).

Long Term Care is for old people

Reality:

Approximately 40% of individuals who require Long Term Care are between the ages of 18 and 64.

Myths about Long Term Care source.

Frequently Asked Questions

What kind of life insurance policy is this?

It is a permanent life insurance policy, meaning it is designed to last for life. The policy provides an option to include an Acceleration of Life Insurance Death Benefit for Qualified Long-Term Care Services Rider, giving you access to your Death Benefit early if a Long-Term Care situation occurs. The policy type being used is an Index Universal Life (IUL) insurance policy, however we are not limited to this policy and if you’d like to see any other options we can price those for you as well.

Why might I need permanent life insurance?

Life insurance provides a tax-free Death Benefit for your beneficiaries. It provides diversification within your financial plan that ensures your family is protected. Permanent life insurance is not limited by a set number of years like Term life insurance. This is critical for needs that extend far into the future. If you have a pension, permanent life insurance is a great way to hedge for the potential loss to your family if you selected the single life payout.

Why aren’t we using a Whole Life insurance policy?

Whole Life is a common form of permanent life insurance but the cost per million of Death Benefit is much higher than an Index Universal Life policy. On an equivalent design basis, you will find the IUL is anywhere from 15% - 28% lower in premium cost versus Whole Life for the same benefit.

Why don’t I just buy a policy elsewhere?

What is being offered is truly unique. Not only is there no medical exam and limited medical questions for certain coverage limits, the policy being provided is not found in the retail or traditional market. In researching the market, in almost every scenario, this policy provides better pricing, a safer design and Guarantees that others cannot replicate. See below data chart detailing where this turnkey policy beats others, highlighted in green:

$1M Death Benefit only

Age Male Female
40
45
50
55
60

$1M Death Benefit with Long Term Care

Age Male Female
40
45
50
55
60

Best Performing in category

Second Best Performing in category

Third Best Performing in category

What Guarantees do I have?

The policy is designed to go to your Age 95 with the option to extend up to age 120 at your first renewal. An additional layer of protection comes in the form of an Extended No Lapse Guarantee Rider. The rider is automatically included and it provides a Guarantee to your Age 88. This means no matter what happens in the market, the policy has another layer of protection well into life expectancy.

You are also Guaranteed a 0% floor on your cash value, which is tied to the performance of the S&P 500 Index. Therefore, if there is a large market correction in a given year, your cash value is not exposed to large losses. Again, this means no matter what happens in the market, the policy has multiple layers of protection.

What if I decide, at a later time, that I don’t want the policy anymore. Is there an exit strategy?

Yes, the policy will contain Cash Value similar to other permanent insurance policies.The way the policy is designed, we estimate your cash value will exceed premiums paid between the 17th and 20th year. However, you have the ability to surrender for your cash value at any time.

For how long is the policy designed to last?

The policy is designed to Age 95. You will have the option at any point to extend coverage up to Age 120, if you feel 95 is not long enough.

What is the assumed crediting rate on the policy and how was it determined?

Following the Actual Guideline Table 49 (AG49), we have preset the crediting rate to 5%. The AG49 Table tells us that based on 40 years of historical data, we have a confidence rating north of 90% that it will run as illustrated.

How is the cash value invested?

The Index Universal Life policy acts like an options contract with a Guaranteed floor of 0% on the performance of the S&P 500 Index, with a cap on the upside. There are several index options to select within the policy, all with a Guaranteed Floor of 0%. The most popular selection is the 1 Year Point to Point S&P 500 Index account with has a current cap of 9.5%. This means the policy’s cash value will compound income tax-free between that corridor based on the performance of the S&P 500 Index and crediting at the end of 12 months. There are currently 8 index option in which to allocate your cash value.

What’s the difference between a Whole Life Dividend and the proposed IUL Crediting Rate?

Whole Life policies provide dividends inside their contracts on a yearly basis. The dividend helps the cash value grow. Whole Life carriers announce their dividends at the end of each calendar year and such dividend is determined based on the performance of the insurance company’s investment accounts. Fees associated with Whole Life policies are the highest in the industry and should be reviewed versus alternatives.

An Index crediting rate works differently in that the insured selects from a number of index investment accounts to allocate their cash value. The index accounts are like options contracts that provide a Guaranteed investment floor of 0% and current cap of 8.5% (that can go up or down). The growth of the cash value is tied to the performance of the S&P 500 Index. Fees associated with Index Universal Life policies are significantly lower than Whole Life.

What is the financial strength of the insurance company?

The insurance carrier has an A+ rating from A.M. Best and A1 from Moody’s.

Is this the only carrier available?

No, however we’ve negotiated an exclusive arrangement to put forth the most turnkey and cost efficient way to obtain coverage. If you do not wish to use the proposed carrier, or do not qualify, there are other options that will not involve a medical exam.

What if I already own a permanent life insurance policy?

A no obligation cost/benefit analysis is available. Whether your policy is brand new or has been in place for decades, it is highly likely your cost for Death Benefit is anywhere from 10% - 50% higher than this policy. Even if you are older and your health has declined, you have options to improve what you own with this exclusively priced policy. In addition, sometimes the purpose of a policy changes over time. If that is the case, the cost/benefit analysis will show several ways to update your overall plan to fit current needs.

What if I already own term insurance or participate in the firm’s GUL or GVUL plan?

Term insurance or your firm’s GUL & GVUL plan are great policies for a period of time and specifically, in the event of a premature death while you are still working. However, term insurance expires and the incremental cost of the GUL & GVUL plans are not the most economical long term solution. A permanent insurance policy with a level funding pattern will provide the most cost effective permanent solution for long term problems.

How does a 1035 Exchange work?

If you own a policy and decide you would like to update what’s already in place, a 1035 Exchange is available. A 1035 Exchange is an income tax-free transfer of a policy’s cash value into a new policy. If you wish to participate in this plan you may perform the exchange without a medical exam. By using the cash value in an existing life insurance policy, you could transfer it into a new policy and amortize your new premium to further lower your cost. Depending on when you apply, some paperwork on an exchange may be necessary.

If I leave the firm, can I take the policy with me?

Yes, this is a personally owned and portable life insurance policy.

What are the consequences if I choose not to purchase a policy?

The ability to get Death Benefit or Long Term Care coverage without the need for a medical exam or extensive questioning, will only be offered once.

Contact us

Tippett Moorhead & Haden, an Alera Group Agency, LLC will be your consultant on the plan

888-240-9225

A Member of the TMH team is available to you at any time. You may use the Calendly button to schedule a phone call. tmhllc.com.

The policy outlined above is not approved in the state of New York. If a New York resident, click here