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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 Summit Annuity

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The Nationwide Summit by Nationwide Financial is a single purchase payment, fixed indexed, tax-deferred annuity that offers the added benefit of principal protection. The annuity is aimed at annuitants who fear the volatility in markets but still require reasonable growth potential. The annuity has a 7-year CDSC (Contingent Deferred Sales Charge) Schedule.

Nationwide Summit Annuity Details

Issue age

The issue age is 0-85 years for joint annuitants, 0-90 years for single annuitants. Owners may be of any age.

Minimum initial investment

  • Minimum qualified payment- $25,000
  • Minimum non-qualified payment- $25,000

Available indices

S&P 500Index and JP Morgan MOZAIC Index are available for the Nationwide Summit annuity.

Account options

Index Account: Tiered caps are available depending on the premium. An annuitant’s earnings are credited annually depending on how the underlying index performs.

Purchase payment could also be credited to all fixed and indexed options in any percentage.

Fixed Account: The yearly interest is credited on a daily basis.

Free withdrawals

Annuitants can withdraw up to 10% of their contract value at the start of each term. This will be on a non-cumulative basis. All free withdrawals made from the account do not receive account earnings.

Death benefit

The death benefit will be equal to the policy value. The joint option allows for a spouse to become a co-annuitant where the death benefit will be paid after the death of either spouse.  The surviving spouse can receive the entire benefit or continue the annuity contract.

Advantages of Nationwide Peak

  • Tax deferral leads to growth
  • Spousal protection ensures that the death benefit is paid to the surviving spouse
  • Growth potential due to higher credited earnings
  • Better protection from market risk and volatility
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