Examine this OneAmerica SPWL (Single Premium Whole Life) dual-purpose policy. Instead of looking for an annual premium Long Term Care (LTC) Policy, look for a Life Insurance policy that can also pay for any/all long-term care costs, often with just one single upfront premium. If you don’t use the policy coverage for long-term care, it remains in full effect as a life policy (per illustration).
This illustration shows the coverage of two CA 61YO individuals for a $205K total single premium, providing Joint $6,000 per month Lifetime Long-term coverage EACH, plus 3% annual inflation. The Death Benefit remains intact at some level for a while if the LTC Coverage is used (more illustrations and discussions required). Often, these policies are written in combinations under the OneAmerica umbrella (a portion of the LTC coverage split between the SPWL chassis and their Annuity chassis). Overall, we believe that this approach to long-term care is more appealing to many because it is “predictable” and the policyholder “retains something of value” for their premium if they never use the long-term care coverage. OneAmerica is the pioneer and market leader for this type of coverage (over 30 years offering) and is “A” rated.
One HUGE benefit of these contracts is that they can be purchased with Qualified Funds (IRA’s, most 401Ks).
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