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Long-term care for business owners

How will your business owner clients pay for long-term care?

Your business owner clients have worked hard to save for retirement, setting aside funds in your bank and other low interest bearing accounts for unexpected expenses. But in the decades to come, health challenges could adversely affect these assets and the retirement your clients envisioned.

The bottom line is the likelihood your clients may need care increases as they age. As a financial professional, you have the opportunity to provide business owners with ready-made long term care solutions.

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Why SecureCare Universal Life for long term care?

SecureCare is a long-term care (LTC) solution clients can count on for:

  • Guaranteed cash indemnity LTC benefit
  • Guaranteed death benefit
  • Guaranteed reduced paid-up benefits1
  • Guaranteed return of premium2
  • Multiple premium options (single pay, 5-, 7-, 10- or 15-pay)
  • Most robust international benefits in the industry3
  • Four Long-Term Care Inflation Protection Agreement (LTCIPA) options: 3% and 5%, simple and compound
  • Potential to deduct LTC premiums
  • Streamlined underwriting4
  • Securian Financial’s Care Management ProgramTM

How does SecureCare work?

As a linked-benefit insurance policy, SecureCare combines the benefits of LTC protection with the guarantees of life insurance. Consider this example: From day 1, the client would have a total of $441,471 available for care. If the entire benefit pool is exhausted, her policy would still provide a $10,000 death benefit. However, if she died before needing LTC, a death benefit of $102,382 would be paid to her beneficiary

$100,000 SecureCare policySingle pay, no inflation protection optionCouples discount Female, age 60 2-Year Acceleration for LTC 4-Year Extension of LTC Benefits Total LTC benefits($6,132 per month) $10,000 death benefit5 Day 1: $147,157 Day 1: $294,314 Day 1: $441,471 Paid income tax free to beneficiary $100,000 SecureCare policy Single pay, no inflation protection option Couples discount Female, age 60 2-Year Acceleration for LTC Total LTC benefits ($6,132 per month) $10,000 death benefit5 Day 1: $147,157 Day 1: $294,314 Day 1: $441,471 Paid income tax free to beneficiary 4-Year Extension of LTC Benefits

More on the hybrid life/long term care strategy

When clients fund care using their existing assets, each dollar they’ve saved will pay for just one dollar of long-term care services.

With the hybrid approach, a portion of a client’s income or assets is leveraged to provide more benefits than they paid in. With SecureCare Universal Life (SecureCare UL), a permanent life insurance policy with long-term care benefits, clients can have the guarantees they want. SecureCare UL can help protect your clients’ retirement dreams.

Choice of single or multiple premium payments Investments/retirement savings Tangible assets (home, car, cabin) Liquid assets (money market, certificate of deposit, savings) Life insurance SecureCare UL policy cash Choice of single or multiple premium payments Investments/retirement savings Tangible assets (home, car, cabin) Liquid assets (money market, certificate of deposit, savings) Life insurance SecureCare UL policy cash

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View the step-by-step process

1. Reduced paid-up benefits refers to the reduced paid-up nonforfeiture benefit that purchases paid-up insurance in the event of premium lapse.

2. Upon surrender, the policy owner will receive the surrender value proceeds. The surrender value proceeds may not equal the sum of premiums paid. Surrenders are subject to a return of premium vesting schedule. Policies that are fully vested are eligible for a full return of all premiums paid.

3. Based on competitive research as of June 2019. Qualified long-term care services received outside the United States, its territories or possessions are limited to the non-United States monthly benefit limit. If the insured returns to the United States, the non-United States monthly benefit limit will no longer apply.

4. Medical examination or para-med examination are not required; tele-interview, prescription check and MIB are required. APS will only be requested for cause.

For financial professional use only. Not for use with the public. This material may not be reproduced in any form where it is accessible to the general public.

DOFU 10-2022

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