AnnuiCare (from 9 years)
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AnnuiCare is a tax-deferred annuity that also provides tax-qualified long-term care benefits. It offers a unique, economical alternative to conventional long-term care insurance. AnnuiCare is designed for individuals who can pay the first two years of long-term care expenses and desire insurance protection for four additional years.
No out-of-pocket premiums. Long-term care insurance premiums are deducted monthly from the annuity Accumulation Value. Since initial LTC benefits are paid from the Insured’s own annuity funds after a 90-day deductible period, AnnuiCare premiums are considerably less than traditional long-term care insurance providing the same amount of coverage.
AnnuiCare Issue Ages and Amounts
Refer to the Product at a Glance document AC-10 for additional product specific details.
Minimum Amount:
$36,500 — Non-qualified funds
$50,000 — Qualified funds
Maximum Amount: $600,000
Maximum Issue Age for AnnuiCare 10: Age 79
Funds must be received in our office prior to 80th birthday.
Maximum Issue Age for AnnuiCare 7 and AnnuiCare 5: Age 85
Funds must be received in our office prior to 86th birthday.
Penalty-Free Withdrawal
No out-of-pocket premiums. Long-term care insurance premiums are deducted monthly from the annuity Accumulation Value. Since initial LTC benefits are paid from the Insured’s own annuity funds after a 90-day deductible period, AnnuiCare premiums are considerably less than traditional long-term care insurance providing the same amount of coverage.
AnnuiCare Issue Ages and Amounts
Refer to the Product at a Glance document AC-10 for additional product specific details.
Minimum Amount:
$36,500 — Non-qualified funds
$50,000 — Qualified funds
Maximum Amount: $600,000
Maximum Issue Age for AnnuiCare 10: Age 79
Funds must be received in our office prior to 80th birthday.
Maximum Issue Age for AnnuiCare 7 and AnnuiCare 5: Age 85
Funds must be received in our office prior to 86th birthday.
Penalty-Free Withdrawal
- 100% of Accumulated Interest
- Minimum interest payment of $200
- (Each $1 withdrawn reduces LTC benefit by $3)
Charge-backs: 100% for Free Look Cancellation, Surrender within 6 months of issue, Death within 6 months of issue 50% death within 7-12 months of issue
The Annuity
The Annuity
- The policy owner establishes the initial long-term care insurance benefits by depositing or transferring assets into a deferred annuity contract.
- The long-term care insurance benefits are determined by the value of the annuity.
- Premiums for long-term care coverage are paid by automatic monthly withdrawals from the annuity.
- Caution: Penalties apply if the policy owner is less than 59-1/2 years old. Due to these penalties, we will not accept qualified funds for policy owners under the age of 59-1/2.
The Long-Term Care Riders each match the Accumulation Value of the annuity when benefits begin so that the client may triple the funds available for Qualified Long-term Care expenses.
These riders pay for Benefits to cover Qualified Long-Term Care Services for the following:
These riders pay for Benefits to cover Qualified Long-Term Care Services for the following:
- Home Health Care
- Care Planning
- Caregiver Training
- Homemaker Services
- Hospice Services
- Maintenance or Personal Care Services
- Respite Care
- Assisted Living Facility Care
- Alternative Care Services
- Nursing Home Care
- Adult Day Care (50% of Daily Maximum)
By paying the first two years’ benefits from the Accumulation Value of the annuity, AnnuiCare assures benefits after a 90-day deductible period while allowing the policy owner the cost savings of a plan with a much longer waiting period. AnnuiCare also makes the services of Care Advisors available so that a knowledgeable advocate can assist the policy owner in obtaining the most appropriate and best care with the available financial resources.
LTC Benefit Three times the accumulated annuity value for Home Health Care, Homemaker Services, Hospice Services, Personal Care Services, Assisted Living Facility Care, Alternative Care Services, Nursing Home Care and Respite Care. Adult Day Care at 50% of Daily Maximum. This Tax-Qualified LTC benefit reimburses expenses after 90-day elimination period. Not a Partnership LTC. Benefits come from the annuity value first.
Benefits
LTC Benefit Three times the accumulated annuity value for Home Health Care, Homemaker Services, Hospice Services, Personal Care Services, Assisted Living Facility Care, Alternative Care Services, Nursing Home Care and Respite Care. Adult Day Care at 50% of Daily Maximum. This Tax-Qualified LTC benefit reimburses expenses after 90-day elimination period. Not a Partnership LTC. Benefits come from the annuity value first.
Benefits
- Safety – Your AnnuiCare value is free from market risks.
- Liquidity – Funds can be accessed easily and quickly with no or low withdrawal penalties.
- Tax Advantaged Growth – Interest grows on a tax-deferred basis, which allows your funds to grow faster than those that are taxed annually.
- Death Benefit – Benefit(s) is paid directly to your named beneficiaries, by-passing probate.
- Long-term Care Benefits – These benefits cover home health care, nursing home care, and adult day care. Benefits increase as your annuity value increases.
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 9 | 3.3% | 1.26% | 3.3% |