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Long-term care & chronic illness insurance

Preparing for life's possibilities

To fully enjoy your retirement possibilities, you recognize your money may need to last 20 years or longer. You may have even set aside some additional funds in a safe place, such as a bank or other low interest-bearing account, for unexpected expenses.

But in the decades to come, health challenges could put these assets and the retirement you envisioned at risk. Because the likelihood of needing care increases as you age, it’s important to learn about options that can help protect your future.

Insurance options for care protection

Depending on your needs, there are several different products that can help ensure you have options if you1 need care in retirement. It’s important to work with your financial professional to determine which option may be the best fit for you and your family.

Hybrid life/long-term care insurance

A hybrid life/long-term insurance policy includes built-in long-term care benefits. If you become chronically ill, your policy would provide a benefit to help cover your care expenses. Hybrid policies offer guaranteed premiums and additional benefits, including a return of premium option and a death benefit. Learn more

Life insurance with an accelerated death benefit or chronic illness rider

A life insurance policy with an accelerated death benefit or chronic illness rider allows you to access your death benefit if you become chronically ill, helping to shield your assets and loved ones from the financial impact of a chronic illness.

Insurance products issued by MINNESOTA LIFE INSURANCE COMPANY.

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1. If owner/insured are different, benefits will be paid to the owner upon the insured being certified as a chronically ill individual.

Product features and availability may vary by state.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.

Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods.

Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.

An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax-deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. There are charges and expenses associated with annuities, such as surrender charges for early withdrawals.

Not all products and features are available from all firms.

Long-term care agreements and policies have exclusions and limitations. For costs and complete details of coverage please contact your financial professional.

The purpose of this material is the solicitation of insurance. An insurance agent or company may contact you.


DOFU 9-2020