Planning for longevity and the costs associated with extended lives is of primary concern to financial advisors and their clients. Annuities that have built-in long term care benefits help advisors help seniors. United of Omaha Life Insurance Co., a Mutual of Omaha company, has released an annuity that addresses both concerns.

Living Care Annuity is a deferred fixed-rate product that has the LTC benefits built in, and they can amount to up to three times the annuity value. A single premium establishes the annuity value, and the annuity is credited with an interest rate that’s guaranteed. Beginning in year three –the annuity builds value for the first two years — policyholders can access the LTC benefits (after a 90-day elimination period) if needed. Care services can be provided in a nursing home, in the client’s home, an assisted living facility or other alternative facilities.

If the client doesn’t need LTC, the annuity will continue earning interest and provide the tax-deferred growth annuities are known for. Clients also have access to their principal through partial withdrawals and lifetime income options.

Living Care is available in select states. For more information, visit www.mutualofomaha.com.