THE SITUATION:
Steve Miller, 52 and Megan Miller, 55
Steve and Megan have been planning and preparing for retirement. Steve is in law enforcement and Megan is in education. They will both receive pensions and are well situated for their retirement. They have paid down many of their liabilities. Their primary concern is Long Term Care expense coverage in the future, should something arise.
They’ve seen their own parents suffer – one from a stroke and another from Alzheimer’s. Not only do critical, chronic, or terminal illnesses affect the individuals afflicted, these maladies also affect the rest of the family emotionally and financially.
The Millers do not want to burden their children in the future. They both have life insurance to take care of each other and their two children, but have not purchased any Long Term Care coverage of any sort.
THE SOLUTION:
Life Insurance with Living Benefits
Steve and Megan both own life insurance policies, but they did not realize that they could exchange their old policies for new policies that feature critical, chronic, and terminal illness riders. These policy amendments allow you to spend down your death benefit on a tax-free basis. With traditional Long Term Care policies, if you don’t use your benefits, you lose them. With Life Insurance with Living Benefits, you still have tax-free death benefits going to your spouse or children – and in some cases, cash value for emergencies.
THE RESULT:
Steve and Megan exchanged their existing policies for new ones with the same death benefit and added the Living Benefits, while reducing their combined annual premium by $1,500 a year.
Now, Steve and Megan have a complete planning strategy that affords them protection of their assets from future medical costs, should they have a life-changing event such as a critical, chronic, or terminal illness.
Roney Insurance Solutions has helped many clients over the years – all with their own unique situations and needs. It is always a win-win when we can add benefits and value at no extra cost, ultimately providing peace of mind for our clients.