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Daily Coverage

Long-Term Care Insurance policies pay a daily amount towards home care, assisted living, or nursing home. Home care is the most common claim, with 75% of claims starting at home.

Plan Duration

Average claim: 2.9 years. Assuming you don’t have a crystal ball, you don’t know how long you’ll need Long Term Care for. The chance of needing Long Term Care is 1 in 2, but the chance of needing it for over five years is much smaller. Like any insurance, you may buy this and never use it, so finding a balance is key.

Return of Premium

Add this option and you’ll be able to leave your beneficiary the total sum of all of your premiums paid, less any claims you’ve made. If the thought of buying this and never using it bothers you, guarantee a return of funds with Return of Premium.

Home Health Care on Day 1

Coverage for care at home is available with no waiting period. This 10-15% extra option is the most popular add-on rider.

Shared Coverage

Women make longer claims than men, on average. Hedge your risk with your spouse by adding a Shared Care rider to your policy.

Inflation Protection

If you're buying this thinking of using in the future, include inflation protection.

Guaranty 8 Annuity

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The guaranty 8 annuity by Guaranty Income Life is a multi-year guaranteed fixed rate annuity that has an 8-year surrender charge period. The product is a single premium deferred annuity where the market value adjustment is applied to withdrawn premiums within the guarantee period. The adjustment could either increase or decrease the annuity’s surrender value.

Guaranty 8 Features

Rate guarantees

The policy holder’s annuity will earn a 1st year interest of 2.8% that is guaranteed for the 8 year contract period.

Minimum and maximum premiums

The annuity does not offer a free look period. The minimum single premium an annuitant can make is $5,000 and $2,000 for non-qualified or qualified. The maximum single premium non-qualified premium varies by age. It stands at $600,000 for all persons.

 Issue age

Guaranty 8 is issued for persons between 0-79 years of age. This applies for the annuity owner and the annuitant as well.

Free withdrawals

Guaranty 8 allows policy holders to make 12 free withdrawals. However, only the interest amount can be withdrawn without incurring early withdrawal charges. The withdrawal is based on accumulation. This annuity also allows annuitants the option to withdraw interest only. The minimum withdrawal amounts and account values are $100 and $5,000 respectively. For withdrawal amounts above the interest, additional withdrawals will be charged at 8% of the value for the first year. The rates will reduce to 7%, 7%, 6%, 5%, 4%, 3% and 2.00% for the eighth year.

Market value adjustment

For the first eight years of the contract, the annuitant will be subject to an MVA should they decide to make withdrawals on the premium. This will be based on the five year Treasury bond at the time the withdrawal is carried out. The MVA could either increase or reduce the annuitant’s withdrawal charge.

Systematic withdrawals

Systematic withdrawals are available with Guaranty 8. These have monthly withdrawal frequencies. The minimum amount that can be withdrawn is $100 and the minimum account value is $2,000

Death benefit

The accumulated value of the annuity will be the death benefit in the event of death of the annuitant. A surviving beneficiary spouse can continue with the policy as the owner.

State Specific

This product was not available in AK CT DC DE HI ID MA MD ME MN NH NJ NY PA PR RI SD VA VI VT WI and WV As of May 23, 2017

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