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Virginia Long Term Care Insurance

Combined with life insurance for Virginia Residents.

Product may also be available in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, and Tennessee.

It’s a long term care policy – it’s a life insurance policy – it’s both!

How does it work?

We start off with a universal life policy. This means that your premiums are fixed for life once the policy is issued. And it means that the policy builds a cash value as it goes along. However, because we set the price so low, the cash values are not expected to grow very large.

Then, we add a no lapse guarantee provision. This means that as long as you pay the required premium, your policy will never lapse. With universal life policies sold by most other companies, if your cash value falls to zero, your policy lapses. Not with ours. As long as you have paid the minimum required amounts, your policy is guaranteed all the way up to age 120. This allows us to offer some of the LOWEST guaranteed price permanent policies in the industry.

Then, we add a long term care rider. This rider allows you to collect up to 2% of your death benefit each month to cover long term care expenses. So, if you purchase a $250,000 life policy, you get up to $5000 per month coverage for long term care expenses. Amounts collected under this rider are deducted from your death benefit. Many long term care policies exclude coverage for in home care, and limit the type of facilities providing the care. Not ours. Coverage is provided for care in a nursing home, hospice, assisted living facility or even in your own home. A 90 day waiting period applies before benefits begin.

The end result is a policy that is guaranteed to pay out! As long as you pay the premiums and keep the policy in force, this policy is going to pay the full face amount. It may pay it as a long term care benefit, or it may pay it as a death benefit. But one way or another, it’s going to pay.

And it’s a lot cheaper than buying the two policies separately. In fact, we’re so excited about this product that we’ll give the rates right here. The following quotes assume that the purchaser is a non-tobacco user in excellent health. For each one, we quoted $250,000 life insurance coverage, which includes a $5000 per month long term care benefit. If you want more long term care benefit, just buy more life insurance. Doubling the coverage is a little less than double the premium. These are ANNUAL premiums.

Age Male Female
Age 35 $1267 $1173
Age 45 $1780 $1635
Age 55 $2967 $2659
Age 65 $5175 $4581
Age 70 $7754 $6778


Again, once you take out the policy, your rates are locked. As you can see, it pays to buy the coverage while you are relatively young! You should also keep in mind that the cost of long term care is expected to rise in the future. If you think you will need more coverage, just increase the amount of life insurance.

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