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People today know they might need to pay for long-term care, but not many want to buy long-term care insurance, as it can be expensive and they may never use it.
Q. How can I protect my assets if I need long-term care?
A. People today know they might need to pay for long-term care, but not many want to buy long-term care insurance, as it can be expensive and they may never use it. Long-term care insurance costs $2,007 a year on average, according to the American Association for Long-Term Care Insurance. Still, the U.S. Administration on Aging says seven in 10 Americans age 65 or older will need long-term care, so it’s not something you can ignore.
There are options. Single-premium life insurance with a long-term care rider is a way to maintain control of your money and have long-term care insurance. You pay a one-time premium – the more you put in, the more benefit you’ll receive. Annuities also have built-in benefits for long-term care costs with the flexibility of providing income for retirement.
Call me, and we’ll figure out how to prepare for your long-term care protection.
John Kuhn | VP/Wealth Advisor
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
Fixed annuities are long-term investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims-paying ability of the issuing company. Withdrawals made prior to age 59½ are subject to a 10 percent IRS penalty tax and surrender charges may apply.
Securities and financial planning offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Bell Bank and Bell Investments are not registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured Bell Bank deposits and are not FDIC insured. These products are not obligations of the Bell Bank and are not endorsed, recommended or guaranteed by Bell Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.
This LPL financial registered representative may only discuss and/or transact securities business with residents of: Ariz., Calif., Colo., Fla., Ga., Iowa, Kan., Maine, Minn., N.D., Ohio, S.D., Texas and Washington, D.C.
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