Before the Coronavirus, when you attended the bad chicken dinner annuity seminar, you were told about "free" long term care coverage that came with your "too good to be true" indexed annuity. No underwriting was needed. No nurse would need to come to your house. No medical records would be reviewed. If you were breathing and cognizant, then you would be issued the policy and be able to access those benefits.
Sounds fantastic on the surface, and to the rubes that blindly believe the sales pitch. Annuity income confinement care riders and enhanced benefit payouts attached to annuities aren't a bad thing, they are just NOT too good to be true. In a perfect world, these rider benefits would serve as secondary coverage...not primary coverage. Never allow an annuity agent to convince you to cash in or get rid of your traditional long term care policy. That still is the best coverage, and no...I don't sell traditional long term care products.
Typically, these types of riders are attached to Fixed Index Annuities (FIAs)...which are CD products (not market return products!) that serve as an efficient delivery system for the contractual guarantees that these confinement care/enhanced benefit strategies provide.
Fun with Annuities Podcast is hosted by America’s Annuity Agent, Stan Haithcock, The Annuity Man. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle. Listen in on how you can be livin’ the reality, not the dream.
Listen on Stitcher, Apple Podcasts, and Spotify. Get the best and highest confinement care and enhanced benefit quotes using Stan's proprietary annuity calculators. You can also receive all 6 of The Annuity Man Owner's Manuals for free and under no obligation and see a live feed of the best fixed rates for your specific state of residence.