DUNN INSURANCE SERVICES LLC

FAQ

Why do I need long-term care insurance? Shouldn't I wait until I retire when I am 65?   Isn't this just nursing home insurance?   When is the best age to get long-term care insurance?   Why should I use my investment dollars to get this insurance?   What if I never use my long-term care insurance policy?   Can I write this off through my business?

Where should we start? We have so many questions.

Why do I need long-term care insurance

• Peace of Mind
• To protect the income and assets you worked so hard to accumulate
• To protect your retirement plan
• To protect your loved ones

Shouldn't I wait until I retire when I am 65?

• No - The average age of our clients has dropped from 69 in 1993 to 51 in 2005.
• No - Personal health issues could occur prior to 65 that might deny you coverage.
• No - Premiums are age based; it is always more expensive to delay applying for coverage

Isn't this just nursing home insurance?

• No - Long-term care insurance services can take place in your own home, adult day care, assisted living apartments, Alzheimer's facilities, and nursing homes. Most long-term care is provided in your home or in an assisted living apartment.

When is the best age to get long-term care insurance?

• The best age is the age you are now. Health is critical, and underwriting has become more restrictive for potential clients. This trend will only continue in the future.
• The premium and coverage selected should be affordable. Since premium cost is age-rated, younger is better than older.

Why should I use my investment dollars to get this insurance?

• Studies have proven that there is no guarantee that investing will generate the amount of money that a policy with 5% compounding written into it will provide.
• The monetary benefit received from a tax-qualified long-term care insurance policy is tax free. Cashing in investments to cover a long-term care expense carries with it a tax liability.

What if I never use my long-term care insurance policy?

• Several companies have available a Return of Premium rider that gives a surviving spouse or the estate the return of all premiums paid, minus claims, if the policy has been in force at least 10 years.

Can I write this off through my business?

• Yes - Depending how your business is organized, you can write off as a pre-tax deduction all or a significant part of your premium.
• Long-term care insurance can be discriminatory; an executive carve out can be incorporated as a benefit and a tax deduction.

 

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