Annuity carries LTC benefits

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.