One thing that I like to say when talking about the Care Solutions Portfolio is that it is a lot like the Rolling Stones song “You can’t always get what you want” . Go on sing it with me “you can’t always get what you want … but if you try sometime you find … you get what you need.”
This is a case that was placed a short time ago.
Start with a couple (Bob & Linda) who is fairly young – both are in their early 60s – both are 64. The original plan for their solution was to secure 66 months of benefit using Asset Care and funded as a single premium of $150,000. The generated a monthly LTC benefit of $6,408 with a death benefit of $213,614.
As luck would have it, Bob was approved preferred. Linda, on the other hand, received a table 8 offer. This impacted their solution by not only reducing the monthly benefit to $4,004 and a death benefit of $200,218, but having to change the plan design to a 100 month benefit due to her table rating.
The clients did not like the solution and the search was on for alternatives. That is where Annuity Care II came into play.
The advisor, looking for a solution that would provide maximum monthly benefit without requiring more money out of pocket, pivoted to Annuity Care II where the desired 66 month of benefit and a higher monthly benefit of $4,998 was secured.
A secondary win was that they reallocated monies from a deferred annuity to fund Annuity Care II rather than from their money market account allowing them to remain relatively income stream neutral while maintaining high liquidity as they desired.
And, Annuity Care is issued without any table rating.
Please, contact Justin Fox at (844) 658-3725 or me at (678) 512-9627 for assistance if you encounter case design issues or concern.
Remember. “The Great Retirement Income Gap” consumer webcast is offered every Tuesday evening at 7 pm (eastern) is running until August 25. For more information or to customize your consumer webcast strategy, contact me directly.