Long Term Care Annuity Pros and Cons

The Annuity Man

Annuities were first introduced during the Roman Times to provide lifetime income for the dutiful Roman soldiers and their families.  Lifetime income is still the most popular transfer of risk strategy for using annuities, but new annuity types address other contractual goals like principal protection, legacy, and long term care or confinement care coverage.

Annuities for long term care (LTC) come in 2 forms, simplified issue and guaranteed issue.  Simplified issue LTC annuities involves a phone interview.  Guaranteed issue annuities for LTC or confinement care type coverage involves no phone interviews or underwriting steps at all.

It's important to point out that annuities for LTC should be used as secondary coverage if you can qualify for traditional long term care.  In a perfect world, LTC type annuities are supplemental coverage strategies.  There's only one problem, we don't live in that perfect world and not everyone can qualify for the traditional long term care product.

Currently, there are less that 20 carriers that offer LTC type of annuities.  If you are interested in seeing quotes, you need to shop all of these carriers in order to find the highest contractual number for your specific situation.  Quotes change every 7 to 10 days like a gallon of milk, so you can only lock in a quote during the application process.

Contact Stan The Annuity Man to get the best and highest contractually guaranteed quotes with all carriers using Stan's propriety annuity calculators.  You can also received Stan's 6 Annuity Owner's Manuals for free and under no obligation.


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