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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.

Guggenheim ProOption MYGA with Return of Premium Feature

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Guggenheim ProOption is an MYGA (Multi Year Guaranteed Annuity) with a 7-year guaranteed interest rate, single premium, and a 7-year surrender charge duration. This annuity also has a provision for MVA (Market Value Adjustment). Towards the completion of the 7-year guaranteed interest period, investors are given a 30-day window to withdraw their funds before their contract automatically renews for another term.

Guggenheim ProOPtion Fixed Annuity Facts

Guaranteed Rates

Over the 7-year term of the annuity, it’s credited with interest rates as follows.

# of Year Applicable Interest Rate (in %)
1 2.15
2 2.25
3 2.35
4 2.45
5 2.55
6 2.65
7 2.75

Depending on the prevailing nature of market conditions, Guggenheim reserves the rate to change the interest rate at any time. However, the company guarantees that at no time will the interest rate be less than 1% (which the contract’s guaranteed minimum interest rate).

Return of Premium Rider

This is one of the most unique features of this annuity. This rider guarantees that the total amount of money you receive via withdrawals, surrender charges, or death benefit will never be less than premiums paid.

Issue Ages

0-90 ages

Premiums

The minimum and maximum premium amounts are as follows:

  Minimum ($) Maximum ($)
Qualified Money 5,000 1,000,000
Non-qualified Money 10,000 1,000,000

There’s no flexible premium arrangement. For investors who’d like to invest more than the $1 million cap, prior approval from the home office is required.

 

Withdrawal Provisions

Starting the second contract year, ProOption annuity owners can withdrawal up to 10% of their account value without incurring any withdrawal charges. The minimum withdrawal amount is $500, and the minimum account value is $5,000.

Annuitization

There are several annuitization options available with this contract. These options include life with defined period, joint life, joint life with defined period, cost of living adjustment. The annuity may be annuitized any time for at least 10 years, or after the guaranteed period for at least 5 years.

Terminal Illness Waiver

With the Guggenheim ProOption MYGA, an automatically included terminal illness waiver means that investors who are diagnosed with a terminal ailment (e.g. stroke, heart attack, cancer, etc.) can access up to 100% of their contract value free of any charges. For this waiver to be available, the contract ought to have been purchased before the age of 70 years.

Nursing Home Waiver

Investors who are confined to a nursing center for at least 90 continuous days are allowed to access up to 100% of their contract value without any charges. This waiver is only available if the annuity was purchased before the age of 76 years.

Death Benefit

Named beneficiaries of the Guggenheim ProOption MYGA 7 are paid a death benefit that is equal to their account value. Alternatively, the contract could be inherited by a surviving spouse.

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Guggenheim Preserve MYGA

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