Life Insurance & Long-Term Care
Protecting loved ones financially when an employee passes is very valuable. But it is also very important for an employee not to be a financial burden when they are living.
Options for an employee include a level rate term policy to age 100, Whole life and Universal Life. Most plans have a guaranteed issue amount with no blood or urine or paramed exam needed. Insurance for family members with the same underwriting is available.
Long-Term Care (LTC)
A Long-Term Care rider on a life policy will pay 4 to 6% of the face value of the life insurance toward monthly care if 2 ADL's are missing. Some plans will keep the life insurance face value intact at the same time.
States Requiring LTC
States are starting to impose a payroll tax for not offering Long Term Care insurance. Keep an eye out for this legislation and let's get ahead of the game.