Long Term Care Insurance

Often associated with nursing home care, long term care insurance covers the costs associated with a prolonged illness or disability. The services associated with long term care may be rendered in a person’s home, an assisted living facility or in a full service nursing home. Long term care insurance takes away the risk of having to pay out-of-pocket by rapidly drawing down retirement savings or relying on family members to foot the bill. Long term care insurance is renewable as long as the premiums are met. There are a number of things to look out for with long term care insurance. One is the elimination period, which is how long the policy holder has to wait before benefits are paid out. The other is to choose between reimbursement-- which reimburses directly for some portion of actual expenses--and indemnity, which pays a specified daily amount regardless of how much is actually spent. No taxes are payable on benefits paid out, and many states offer a tax credit for policyholders.

New Deferred Income Annuity from NY Life

News on a recent deferred income annuity product release from New York Life:

Forums: 

American General

Short Company Name: 
American General
Long Company Name: 
American General Life Companies

Company Type: 
Insurance Company
Address
Street Address: 
2727-A Allen Parkway
City: 
Houston
State: 
TX
ZIP Code: 
77019
Country: 
USA
Phone Number: 
800-242-4079
Fax Number: 
713-831-3028
Year Founded: 
1926

Tax Free Exchange of Annuities for Long-Term Care Policies Allowed Starting in 2010

The Pension Protection Act of 2006 created tax incentives for the creation of hybrid long-term care insurance policies. The Act also provides the basis for a tax free exchange of a life insurance or annuity contract for a long-term care policy. The exchange would be conducted through a Section 1035 exchange . Consumers and their financial advisors will be able to conduct such exchanges beginning in 2010. The details are complicated, but there is a good, in-depth article referenced below that...
Key Phrases: 

MassMutual

Short Company Name: 
MassMutual
Long Company Name: 
MassMutual Financial Group

MassMutual Financial Group is a large, U.S.-based financial services company offering a broad range of products and services.

Company Type: 
Insurance Company
Address
City: 
Springfield
State: 
MA
ZIP Code: 
01111-0001
Country: 
USA
Phone Number: 
800-272-2216
Year Founded: 
1851
Key Phrases: 

Conseco

Short Company Name: 
Conseco
Long Company Name: 
Conseco

Company Type: 
Insurance Company
Address
Street Address: 
11825 N. Pennsylvania St.
City: 
Carmel
State: 
IN
ZIP Code: 
46032
Country: 
USA
Phone Number: 
317-817-6100
Fax Number: 
317-817-2847

Pages