Bryson Implements a Permanent Life Insurance Policy with a Long-Term Care Rider
THE CLIENT
Retired couple in their early 70’s.
THE SCENARIO
The clients’ long-term care insurance premiums continued to increase. Additionally, their term life insurance was about to expire.
DISCOVERY
The clients wanted to continue to have both long-term care insurance and life insurance. However, they were concerned that they were not going to be able to afford their long-term care insurance down the road and they did not want to waste their money. The couple was also concerned that they would not have enough money left for the surviving spouse in the event care was needed
SOLUTION
When merging the two companies, the goal was to minimize impact and provide a competitive benefits package to their employees while keeping costs down and streamlining HR processes including their payroll, benefits enrollment platform, and 401k integration.
THE RESULTS
With the client being relatively healthy, Bryson was able to implement a permanent life insurance policy with a long-term care rider. This would allow for long-term care coverage if an event were to happen and care was needed. However, if long-term care was not needed, the clients would have access to the policy’s cash value and permanent death benefit. Any long-term care benefit that was used would then reduce the death benefit of the policy.