If you’re interested in an Hybrid Asset Based Long Term Care Policy, For Fall-Winter 2020 we currently recommend NationWide CareMatters II or Securian SecureCare. Both are Cash Indemnity Plans, which pay you a monthly cash stipend that you can spend as you see fit. You can use this money on Care, building a ramp into your home, paying a relative or friend to take care of you, or even save it for a later date.
For a Joint (Spouse) Policy, One America Asset Care has a great product. Particularly if one person is in better health than their partner. In Addition, you can also use qualified funds (IRA, Pension, etc.) to fund this policy. One America Asset Care is the only product on the market to offer Unlimited LTC care option.
(Disclaimer: Our services to you are free, we are compensated by the carrier for our services)
If you have any questions or would like to see a personalized proposal feel free to call or email Cliff MarshallHere.
American General Quality of Life Review
By: Cliff Marshall
America General Quality of Life is a specialty product only sold by a small selection of brokers through American Generals Nashville office.
The American General Quality of Life Policy is unique in that it provides a Chronic Illness, Critical Illness, and Terminal Illness Rider.
This allows you to access the cash value of the policy in the event of a heart attack, stroke, kidney failure, just to name a few. In the event of one of these illnesses, you file a claim to attain access to a portion of your death benefit to assists or completely pay for these incidents. This policy can also act as an income replacement for months or even years of downtime due to some unforeseen event.
Watch the video below to see how American Generals Quality of Life policy saved this man’s family.
Description of America General Quality of Life Chronic Illness Rider.
The Chronic Illness Rider is one of the automatic, no-cost features that is included to QoL product portfolio. To receive a benefit, you would have to be diagnosed with a “chronic illness” by a licensed health care practitioner within the past year. Every 12 months, your diagnosis would need to be reevaluated to continue receiving benefits.
A chronic illness is classified as an illness that would impair normal daily living, making it difficult to care for yourself without extra help and cost. A chronic illness could get in the way of performing the “Activities of Daily Living,” which includes bathing, dressing, toileting, transferring, continence, and eating. If you are struggling with two of these ADL’s, you may qualify to receive an advance on your death benefit with the Chronic Illness Rider.
You can file a claim to accelerate your death benefit and receive either a lump-sum payment or periodic payments over a selected amount of time.
As with the other options in the Accelerated Death Benefit Rider, these advanced benefits would reduce your death benefit, potentially leaving nothing to be paid on your death. For many people struggling with a chronic illness, the benefit can greatly help reduce the cost of care.
A Description of America General Quality of Life Critical Illness Rider.
A critical illness can leave behind devastating financial costs. With the current rising cost of care,most people are not in the position to handle such an event. In the event of a catastrophic event the Critical Illness Rider can help reduce these financial effects by advancing a portion of the death benefit to help cover costs related to a number of illnesses or conditions. Some of these conditions include heart attack, stroke, paralysis, invasive cancer, or coma.
There is a 30-day waiting period before the benefit is available. The value of the benefit is based on the expected future mortality. If your life expectancy is not significantly impacted by this critical illness, you may not receive an accelerated death benefit. Like the Chronic Illness Rider, the benefits you receive would diminish your death benefit.
A Description of America General Quality of Life Terminal Illness Rider.
This rider provides you with a benefit after you’ve been diagnosed with a terminal illness. A terminal illness is defined as an illness that would likely result in death within 24 months, as diagnosed by a doctor. The payment you receive would be a lump-sum payment and could be either a full or partial amount of the death benefit.Any of these benefits may impact your eligibility for Medicaid and Supplemental Security Income (SSI). Benefits may be taxable, and you should check with your tax advisor to learn more about how your policy values will be reduced.
America General Quality of Life Flexible Features
The QoL product allows you to customize your policy to meet your specific needs. In addition to the accelerated benefit rider, you could add three additional features: an accidental death benefit, a child rider, and a waiver of premium. The are customizable features that can provide further coverage.
With the Accidental Death Benefit, your beneficiaries would receive a higher benefit payment if you were to die from accidental injuries, such as being hit by a car.
The Child Rider would pay a death benefit to the insured parent on the death of an insured child under the age of 25.
The Waiver of Premium feature would cease the obligation to pay the premium for the base policy and additional riders if you become disabled before the age of 65. Each of these features are available in addition to the Accelerated Benefit Rider, allowing you to specifically tailor your life insurance policy.
Both the death benefit amount and payment schedule are customizable. This QoL product offers you financial assistance you while you are still living, and helps your loved ones after you’re gone.
How American General Quality of Life Products Can Protect You and Your Family.
American General Quality of Life products can provide assistance in almost all personal circumstances.
If you are a single parent, this policy could help your child pay to go to college, while also paying down your medical bills.
Additionally, it could be used to protect your home and other assets from the rising costs of health care. You could customize the duration to the remaining years on your mortgage.