“Breaking Up is Hard to Do”….Not Really!

Most of you will remember the Neil Sedaka hit of 1962 which was then re-recorded and released again in 1975.  Both times it was a big hit.  So how does this have anything to do at all with Long Term Care Planning??  It will really apply to those of you that have already purchased a traditional Long Term Care Health Insurance type policy.  I want to give you some reasons why you might want to consider replacing that type of policy with an “Asset Based Long Term Care Plan”.

Many times over the years I have run across clients that have the health insurance based Long Term Care (LTC) type of plan.  They have been paying premiums sometimes for many years and seem somewhat reluctant to replace those type of plans with the Asset Based LTC plans that offer a guarantee of no rate increase …ever … and a WIN-WIN type of approach where if you don’t use the benefits or don’t use them all, they will pass on to the heirs… in many cases, Income Tax Free.  The usual comment I get is that they have been paying premiums into the plan for so long that they feel that if they change they will have wasted all those premiums.  My response has always been to consider their auto insurance policy.  They may have paid premiums for years and then due to a rate increase or lousy service they may have switched to another carrier.  They didn’t waste the premiums on the first carrier because they had coverage for all those years.  Same thing applies here also.  If you switch coverage, you didn’t waste the premiums because of the protection that you had for that time period.

So why switch from the Health Insurance Based approach to the “Asset Based” approach that uses either Life Insurance or Annuity Based LTC?

(1)  No Rate Increases …. EVER!

(2)  Cash Value Growth …. It is an asset that you can access.

(3)  WIN-WIN … If you don’t use it, you don’t lose it..

(4)  Flexibility …  Reposition existing assets or do  Pay-As-You-Go.

(5)  Tax Advantages … Tax Free LTC benefits,  Tax Free Death Benefits.

Please give me a call at 309-297-0296 or email me at mwcaslin@msn.com for more information or to get a quote.  I would appreciate the opportunity to sit down with you and visit about these options.  If you were referred to this site by another agent, please give them a call.


About Mike Caslin

Been in the Insurance Business approximately 30 years and specialize in finding "Alternative Solutions for Long Term Care Planning." This is primarily using Life and Annuity based Long Term Care products where if you don't use them, the benefits get passed on to your heirs. A WIN-WIN solution to Long Term Care Planning. Former Captain in the U.S. Marine Corps.
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