At Cosmo Insurance we always encourage using creative solutions in all aspects of health care. This of means creating combos and looking at the newest options available and it benefits everyone involved.
Recently we had a client call us with concerns about not having Long-Term Care Insurance. He had recently turned 60, and wondered what his options were. As we looked into it, we found he had an excess of whole life cash value. Using this, we were able to provide him exactly what he needed. Like many, he was unaware that you can now combine your Life Insurance and Long-Term Care Policy instead of paying them separately. Because you can now do this, we were able to do a 1035 exchange to a fully paid up Long-Term/Life Policy with no premium.
Knowing your options, and the latest updates in insurance is important. If you haven’t updated your insurance in years, you could be missing out. This is why working with a broker is so important. We are the experts in our field, and we can always provide you with the newest options available. Combining your Life policy with your Long-Term Care policy instead of paying for the two separately will ultimately save you hundreds of dollars in the long run, and will keep you prepared for any situation. Without a combined policy, if someone has long-term care insurance and never uses it before passing away, the money they paid in is gone. 
Another thing to keep in mind is that just because you have Long-Term Care and Life Insurance bundled, doesn’t mean you automatically have Survivorship. To have a Survivorship Benefit Rider you must have two people on a long-term care insurance coverage plan with the same company. If one of those people passes away after the policy has been paid into for several years, with no claims paid on either policy, the surviving person’s policy will be paid-up with no further premiums due.
We want to help you get the most out of your insurance policies and to ensure that they are efficient and beneficial to you and your family. The goal of Insurance is to help you be prepared for any situation, and with creative solutions and unparalleled service we can help you meet that goal.

To ask questions about your policy call us today at 732-363-3888.


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