Annuities and Long Term Care
The Annuity Man
Annuities were first introduced during the Roman times as income guarantees for the dutiful Roman soldiers and their families. The phrase "long term care" wasn't around back with "Caesar and the boys," but it is not. With over 10,000 baby boomers reaching retirement age every single day, one of the primary concerns people have is solving for long term care needs.
There are 2 primary types of annuities for long term care (LTC)/confinement care. Simplified issue and guaranteed issue are your choices. Simplified issue involves a phone interview for underwriting and approval. Guaranteed issue is just that, guaranteed coverage for all applicants regardless of your health status.
But let's be very clear, traditional long term care (LTC) coverage is still the best and not an an annuity product. It is a fully underwritten product, and should be considered as a primary coverage strategy. Any annuity that addresses LTC/confinement care should be used as secondary coverage...in a perfect world. However, if you can't qualify for the traditional LTC product, then annuity coverage may be your only choice.
Because I originally come from the South (NC to be exact), there is a catchy southern phrase I use to describe annuity LTC coverage. "When you get sicker, you get your money back quicker." When you qualify for these enhanced payouts, the annuity company is going to distribute more money to you to cover those health costs.
Contact Stan The Annuity Man to get the best and highest quotes for LTC/Confinement Care coverage using Stan's proprietary annuity calculators. You can also get quotes on all other product types, and receive Stan's 6 Annuity Owner's Manuals for free and under no obligation.