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, new information...

Dear Friend, Hi! I hope everything is going well with you.
Insurance Agents like me are constantly having to evaluate new
products, new hybrids, etc. I wanted to let you know about one of
these "newish" products -- life insurance that actually includes
provisions (in the form of riders) for long-term care. Is this a
good deal? Well, it depends. But, to be honest, if you are
looking for something that will cover your expenses if you need
to be cared for on a long-term basis, life insurance is a poor
substitute for long-term care coverage. Life insurance with
long-term care riders offers two options: 1) An acceleration
rider that allows you to get an advance on your death benefit;
and, 2) an extension that increases the benefit to provide for
long- term care expenses. These riders vary by company, with some
allowing you to collect a percentage of the death benefit each
month and others that reimburse your policy for long-term care
expenses you incur, thereby keeping your death benefit the same.
There are two potential problems with the riders: * Some of them
require substantial deterioration in your health before you can
collect benefits. * They don't have monthly benefits that pay
anywhere near the full costs you would incur for long-term care.
As an example, a one-year stay in a nursing home can cost
anywhere from $30,000 to $60,000 or more, depending on the level
of care you need. Long-term care options in life insurance likely
won't provide more than a fraction of these amounts. Despite
this, the long-term care rider in life insurance could be an
option for people with a fairly high income level and significant
assets. Again, I hope everything is going well! Sincerely, Rob
Ritchie PS: Friend,
please call our office if you have any questions about life
insurance, term or otherwise - or any other part of your
financial planning and protection. Or you can email me. Just hit
"reply" and send me a message. I'll get back to you as soon as I


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