Long Term Care

CPS’ strategic partnerships have allowed for a diverse portfolio of Long Term Care options. The American population is growing older and with limited availability of resources for Long Term Care options, we constantly seek out new trends in the industry to provide our clients with the most innovative and complete services available.

Long Term Care is all about plan design and where the money is coming from to pay premiums. There is no “one size fits all” when you work with CPS Horizon. We use our expertise to design a plan that best matches your clients assets, needs, and objectives, using the LTC product types below.

Long Term Care

Before you are able to sell these products you need to have the proper certifications. In addition to having a life and health license, almost all states have an additional requirement for LTC certification. Although there are a few variations, the most common state requirement is completion of an initial 8 hour LTC course and a 4 hour refresher course every renewal period.

In some cases, the best solution for the client involves using an Annuity/LTC hybrid. This requires completion of a one time 4 hour annuity certification course and insurer provided product-specific training.

However, if you are not currently LTC or Annuity certified and don’t wish to be, please contact our office to discuss other options.

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Traditional LTCi

Traditional Long Term Care is almost always going to give you the most amount of coverage for the least amount of premium. There are many different ways that a traditional LTC plan can be built. There are various riders and differences in companies that allow the advisor and CPS Horizon to build a plan that’s right for the client.

Sample Long Term Care Rate Charts

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Couple Rates

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Single Female Rates

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Single Male Rates

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Life LTCi Extended Benefits

Life Insurance with Extended Benefits for either Long Term Care (LTC) or Chronic Illness (CI) is another popular alternative (started in 1989). Sometimes referred to as Asset-Based Long Term Care (ABLTC), these plans offer the promise that “live, quit or die”, something is always paid out. The pool of funds available for care is typically two or three times higher than the death benefit. There are multiple funding options and guaranteed premiums and benefits that allow CPS Horizon to personalize a plan for higher net worth clients.

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Life LTCi Accelerated Benefits

Life Insurance with Accelerated Benefit Riders (ABR) for either Long Term Care (LTC) or Chronic Illness (CI) is the fastest growing concept in extended health care coverage. Advisors and clients alike favor this hybrid concept because it provides extended care benefits equal to 100% of the death benefit if needed, but passes the death benefit to beneficiaries income tax free if there is no need for care prior to death. A major reason for its popularity is the ability to fund it by simply exchanging old Life Insurance plans for new with these added benefits. CPS Horizon can evaluate your existing Life Insurance and determine if such an exchange is right for your client.

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Annuity LTCi Hybrid

Annuities with Long Term Care (LTC) are another unique option for clients that are able to reposition a lump sum. They are popular because the underwriting is typically less stringent and they can be written at older ages, up to 85. Although liquid funds are usually used, there is a huge market to exchange old non-qualified annuities into these plans to take advantage of new tax laws and leverage for LTC. CPS Horizon can review existing annuity statements and design a plan for your older clients.

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Long Term Care Insurance Options

Solution	Legacy Protection	Flexibility	Leverage
Self Funding	Low	High	Low
Lifetime Annuity with LTC Rider	Medium	Medium	High
Life Insurance with Accelerated Benefits Rider	High	Medium	Medium
Life Insurance/Long-Term Care Extended Benefits	Medium	High	High
Traditional Long-term Care	Low	Low	High