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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.

Nationwide INCOME Promise Select Annuity

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INCOME Promise Select is a fixed single premium immediate annuity (SPIA) from Nationwide Financial. The annuity is targeted at risk-averse clients looking for guaranteed income for a specified period or over a lifetime. The annuity can be taken under various plan types, non-qualified, IRA and Roth IRA. The target consumers are basically looking for simplicity and predictability once they enter retirement.

INCOME Promise Select Annuity Facts

Issue age

The issue age is 5-95 years for annuitants and joint annuitants. The minimum could, however, be 30 if COLA is selected. Owners may be of any age.

Minimum initial investment

  • Minimum IRA payment- $10,000
  • Minimum non-qualified payment- $10,000
  • Maximum payments-$3,000,000 (Unless with prior approval)

Liquidity feature

With the Income Promise Select, annuitants can withdraw up to 100% of the contract value without charges during the liquidity period. Multiple withdrawals are allowed during the liquidity period but must all be $2,000 or more. This will be available once in each contract year.

Medicaid eligibility

This helps the annuitant qualify for Medicaid benefits or protect a healthy spouse.

Cost of Living Adjustment (COLA)

This option, if selected will automatically increase payments by a certain percentage compounded annually. However, it must be selected at the contract’s inception.


Annuitization can be done under several income options. These are

  • Single Life with five-year to 30-year Term Certain
  • Single Life with Cash Refund
  • Joint and (20% to 100%) Last Survivor
  • Single Life
  • Joint and (20% to 100%) Survivor with three- to 30-year Term Certain
  • Joint and (20% to 100%) Survivor
  • Joint and (20% to 100%) Last Survivor with three- to 30-year Term Certain
  • Joint and (100%) Survivor with Cash Refund
  • Joint and (100%) Last Survivor with Cash Refund
  • 5- to 30-year Term Certain

The payouts can be made on a monthly, quarterly, semi-annual or annual basis.

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