- 299
I know you are referring to a permanent plan. West Coast Life, for example, has an excellent option as you describe with accelerating the death benefit (cash) for a LTC need in their NLGUL plan
Definite market for it...and the underwriting is of course life underwriting more than LTC underwriting......which can help in many situations...or hurt in others. Their life plan with the LTC rider is little more in premium than a good standalone life plan....unlike a MoneyGuard or TLC type of product which is really just an overpriced life plan.
I plan to use it for clients really needing cost effective life insurance plus LTC coverage.,.....and when they only want to make a monthly/annual premium payment.
The more options you have to present to a client, the more sales you will make. (unless of course you confuse the crap out of them)
Actually I was referring to TERM not UL policies. AGLA and WRL have term life policies that have living benefits - like LTC (chronic care), CI, terminal illness, and DB.
I do agree that a perm policy is better - but there are those that like was stated earlier - are in total denial that they will not need it beyond age 70 or 80.