- Equifax Breach
- Yes, You Do Need an Estate Plan – Even If You’re Not Rich
- You Can’t Plan for Tomorrow by Waiting for Tomorrow
- Is $1 Million Enough to Retire?
- Hilliard Lyons Names Thomas Kessinger President
- Hilliard Lyons Financial Consultants Named to Financial Times' Top 400 Advisers List
- Hilliard Lyons advisors ranked on top advisors list - The Lane Report
- Hilliard Lyons Advisors Ranked on Top Advisors List
- Saving for Your Children’s Future
- Tony Backert Named to 2016 Financial Times 401 Top Retirement Plan Advisers
- Ten Topics to Discuss with Your 18-Year-Old
- Hilliard Lyons Advisors Claim Two of Kentuckys Top Twelve Spots on Prestigious List
- Solid financial planning can help investors weather any economic storm
- Long-term care options are broader than you think – if you act in time
- Robo-advisors provide a starting point for investing, but be wary of their limitations
- Leave a legacy through careful business succession planning
- Five basic documents you need in your estate plan – even with limited assets
- Making the Case for Higher Academic Standards
- Upgraded version of Hilliard.com is live
- Edgy Shark Tank co-host coming to Louisville
- Hilliard Lyons enlists Wharton School to train its advisers
- Some Windows XP users can no longer access HL Online
- JCPS educators celebrated in awards ceremony
- HL client a Plan Sponsor of the Year finalist
- Jim Allen discusses changes in the financial-services industry
- Hilliard Lyons Officials Talk Death and Taxes
- Hilliard Lyons Expands Trust Operations
- Two HL Equity Research Analysts Win 2013 StarMine Awards
- CEO James Allen Honored for Leadership in Education
- Hilliard Lyons Creates Teacher Excellence Awards
- Four Hilliard Lyons Advisors Named to FT400
- Business Owner Services in the Spotlight
- Hilliard Lyons Acquires the Assets of Great Lakes Capital Markets
- Business First Reporter Kevin Eigelbach Catches Up with CEO Jim Allen
- Hilliard Lyons Wins Governor's Award in the Arts
Long-term care options are broader than you think – if you act in timeFor many years Hilliard Lyons has helped protect families and their assets from unforeseen harm due to health-related events. Call an insurance expert today to learn how long-term care insurance products can help guard your most valuable assets.
When we are young and healthy, we imagine that we are “bulletproof.” We prefer not think about how we would take care of ourselves and our families financially if we became ill or disabled. But that’s precisely when we should think about it – long before a debilitating health event occurs.
The traditional long-term-care insurance product is a separate, standalone policy. As with life or health insurance, you pay a periodic premium, and the carrier pays claims in the event of a disability. Premium costs typically rise as the policyholder ages.
“Many people think that with so many carriers leaving the traditional long-term care insurance market, there aren’t many choices, but the industry has responded to create some additional, very good options,” Mohler said.
- Insurance riders. One easy option for long-term care benefits is to attach a long-term care rider to a traditional life insurance policy. “If you have a long-term care need, you simply advance funds out this life insurance benefit,” said Mohler.
- Asset-based or linked-benefit insurance products. These products, relatively new to the long-term care insurance market, are typically life insurance policies that leverage a second pool of benefits if the policyholder needs long-term care. Payments can be made from these assets for long-term care expenses. But if care is not needed, assets are transferred to beneficiaries when the policyholder dies. Underwriting also may be more stringent for linked-benefit products than for traditional policies.
- “It’s a good option for more established clients who want to reposition assets that they had earmarked for long-term care anyway, because they get a lot more leverage out of the assets,” said Mohler.
- Hybrid annuity products. These operate similarly to asset-based products. Many people already own annuities, so they can simply switch funds over to a product that leverages the amount of interest benefit they would receive from those annuities. “If they need long-term care, they are going to get a higher amount out than if they annuitized the contract,” Mohler said.