Tailored Benefits for Each Spouse - Traditional LTC Plan

Facts:

64 year old couple were concerned that if husband died, his $80,000 per year pension (19 years ago) would no longer provide the income needed in addition to investment income to provide for his wife's lifestyle if she required long term care assistance.

Solution:

Couple purchased minimum coverage for husband ($50 per day, 2 year benefit period, 5% compound inflation, for wife purchased 4 years $100 per day (currently $241 per day), 5% compound inflation, for in-home care and nursing facility care:

Outcome:

Wife is currently receiving benefits under policy permitting her to stay at home.