Can You Buy Long-Term Care Insurance with a Lump Sum?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Can You Buy Long-Term Care Insurance with a Lump Sum?

Yes, through hybrid long-term insurance or long-term care annuity

Hybrid Long-Term Insurance

  • Definition: Combines life insurance or annuity with long-term care benefits.
  • Payment Method: Allows lump sum payment, securing both life insurance and long-term care.
  • Benefits: Provides long-term care if needed; beneficiaries receive death benefits otherwise.

Long-Term Care Annuity

  • Definition: An annuity product with long-term care benefits.
  • Payment Method: Typically purchased with a single, large payment.
  • Benefits: Offers a way to grow your investment and use it for long-term care, tax-deferred.

Discover the convenience of planning with our user-friendly annuity payment calculator.

Conclusion

Opting for a hybrid long-term insurance or a long-term care annuity allows the purchase of long-term care insurance with a lump sum. These options provide flexibility and added benefits, catering to different financial and care needs. Contact us today for a free quote.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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