Broad carrier options and careful product selection allow a single, 77 year-old client to get ABLTC coverage of $3,249/month with a target single premium of $73K.
A 77-year-old widower seeking to secure his Long-Term Care funding plan.
The client’s age presented a product selection challenge, and his being a widow precluded any couples discount or preferred pricing at the majority of carriers.
When working on any case, it can be difficult to find the best solution for a client who is limited on product options due to things like age, premium budget, and widow status. In this case, we were able to utilize a product that can offer preferred pricing to single insureds, to assist a 77-year-old looking for the best Long-Term Care funding option.
After quickly confirming the case parameters, many of the currently available products were excluded based on issue age alone. With that step complete, attention was turned to the remaining products and optimizing the design, seeking the maximum monthly benefit with the following design criteria:
A review of the market uncovered a single carrier that could offer Preferred pricing to a widower. That advantage translated into a monthly benefit that outpaced competing carriers by over $410, an increase of over 14%.
This underwriting advantage allowed the case to be placed with a $73,173 single pay and a monthly benefit of $3,249, bolstering the client’s LTC funding strategy.