Preparing for Long-Term Care Expenses with Annuities
Have you saved and invested enough to live on during retirement? Then consider designating some of your provisions for end-of-life care or long-term care. You can transfer existing savings or other assets to a special type of annuity that combines long-term asset growth with long-term care benefits.
- Single premium option — Use existing assets, such as a CD, savings or another annuity, as a one-time-only premium payment and avoid ongoing, non-guaranteed premium payments
- Added value for care — Your accumulated value grows at a guaranteed minimum interest rate
- Tax-free benefits — Pay no income tax if you use your annuity for qualifying long-term care expenses, regardless of the deferred gain (subject to monthly maximums, and premiums funded after-tax)
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Any benefit amount paid reduces the contract's death benefit and cash value.