John had traditional long-term care insurance with increasing premiums and was concerned about future premium increases. He also had existing life insurance policies, one a $250,000 policy with $76,000 of cash value for which he was paying $4,600 a year. With planning, we were able to purchase a replacement life insurance policy that included a rider providing for long-term care expense coverage. We used the cash value and current premiums paid to provide life insurance of $350,000 and long-term care expense coverage of up to $10,000 per month. The new policy premium is $3,900 annually, $700 less than he was paying, and it eliminated the $1,300 premium he was paying for traditional long-term care insurance.
Marie had no long-term care insurance and was concerned with the cost in her later years. She did have a life insurance policy in the amount of $195,000 with $62,000 of cash value. We used the cash value to purchase a $250,000 life insurance policy with a long-term care rider that will pay up to $10,000 a month for care when needed.
Jane also had no long-term care insurance but she did have several life insurance policies totaling $400,000 with accumulated cash value of $186,000 for which she was paying $1,400 in annual premiums. We used the existing cash value to purchase a $700,000 life insurance policy with a rider that would provide up to $10,000 a month to cover long-term care expenses for the same $1,400 annual premium she was previously paying.
"I have worked with Neil for many years and have always found him to be thoughtful, courteous and competent. Neil has been helpful in our family insurance and estate planning. We have acted on a number of his recommendations. I believe most business owners could benefit from his knowledge and experience." Bob White, Quail Tools
412 Settlers Trace Boulevard
Lafayette, LA 70508
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