There isn’t a “one size fits all” LTC transfer of risk plan, but this product series comes the closest than any out there, in my opinion. At least one of the Asset Care Solutions is usually presented as a solution option to every prospect I plan for. As I’ve said a million times (at least): “There is no right or wrong plan, it’s finding which plan is right for you”.
Determining which plan to recommend is what I love about my job; the education, the fact-finding, researching the optimal strategies, then giving a choice of solutions (in an easy to understand format) to the client and let them decide which is right for them. But as my “Triangle Planning” philosophy eludes to, there is no reason to present a solution before the consumer realizes they have a problem and have committed to funding a solution. Once they’ve acknowledged they are ready to hear about the available solutions, I normally show both a traditional LTC option along with at least one Hybrid/Asset based solution (assuming they are most likely insurable).
With the Asset Care series, you can offer a solution regardless if the premium needs to be paid annually (or monthly) just like traditional LTC, or if they have the liquidity to pay in a single premium or over the course of 10 to 20 years. Asset Care also accepts qualified money to fund the single premium and add your spouse to the plan paying with your qualified money. This second to die plan allows for greater leverage of the premium dollar to gain more long term care coverage because there is only one death benefit IF the benefit is not used for long term care expenses. With the addition of the COB rider (Continuation of Benefit), you can increase your coverage to an unlimited pool for both insureds. And last but not least, the fact the premiums are guaranteed provides additional peace of mind for your clients.