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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 Platinum Edge

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The Nationwide Platinum Edge is a flexible payment modified guaranteed annuity. The product is targeted at clients looking for guaranteed rates of return and the added flexibility to divide their money among various guarantee periods. The annuity can be taken under various plan types such as IRS, IRAA rollover, SEP IRA, CRT, Simple IRA and Investment Only.

Nationwide Platinum Edge Details

Issue age

The issue age is 0-85 years for annuitants. Owners may be of any age.

Minimum initial investment

  • Minimum qualified payment- $10,000
  • Minimum non-qualified payment- $2,000
  • Subsequent payments-$1,000 and $100 for electronic transfers

Account options

Interest rate guarantee periods for this annuity include 3,4,5,6,7,8,9 and 10 years. The periods also correspond to a similar surrender charge period. The interest rate only applies if the annuitant holds the investment to the end of the period.

Free withdrawals

With the Nationwide Platinum Edge annuity from Nationwide Financial, investors can withdraw up to 10% of their account values on a non-accumulative basis without incurring withdrawal charges or MVA.

However, withdrawals are subject to income tax and distributions prior to age 59.5 might be subject to a 10% penalty in tax. Above the free withdrawal amounts, a surrender charge (CDSC) will be applied. This will start at 5% for the first year afterward reducing gradually to 0% in the last period.

Minimum withdrawals are restricted to $100.

Market Value Adjustment

MVA will apply to withdrawals made before the end of the period. This will be with an exception of death benefits. The MVA will increase or reduce the account value depending on the economic conditions.

Annuitization

Clients can annuitize their accounts after 2 years (1 year in Florida and New York).

Death benefit

Upon the death of the annuitant, the benefit paid will be the contract value or the return of purchase payments, whichever will be the greater of the two. Spousal continuation is also available upon the annuitant’s death and will be waived of all MVA charges.

Waivers

Terminal illness and nursing home waivers are available in all states but with market value adjustment.

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