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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.

Secure American Annuity by Great American

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One of the annuity products offered by Great American Life Insurance is the Secure American. This is a tax-deferred type of annuity that allows policy holders multiple purchase payments within the first three years of their contract. The annuity has an early withdrawal charge that gradually drops to zero in the eighth year. Clients are allowed to make a 10% withdrawal without incurring penalties and this is applicable for 12 withdrawals.

Secure American Annuity Facts

Minimum and Maximum Premiums

The minimum single premium for this annuity is 25,000 $ while the maximum single premium is 1,000,000 $. In addition to this, additional purchase payments are permitted during the first three contract years but have a 5,000 $ limit.

Annuitization

If a policy holder annuitizes their contract for at least seven years after the first contract year, a certain amount will be added to the account value as bonus. This will equal one percent of the amount the policy holder annuitizes each completed year and will be limited to a maximum 10%.

Free Withdrawals

This annuity allows policy holders to make 12 free withdrawals each limited to a maximum 10% the value of the annuity. The withdrawal is based on accumulation. Should one wish to withdrawal the interest amount only, one will have to do so after 30 days. The minimum withdrawal amounts and account values are $500 and $10,000 respectively.

Minimum Distributions

Each tax-qualified contract should be in compliance with the RMD rules set out in the endorsement. For this annuity the rules generally stipulate that distributions will have to be made from the age of 70.5 years onwards.

Systematic Withdrawals

Systematic withdrawals are available on monthly, quarterly, semi-annually or annual basis. The minimum withdrawal amount will be $500 and the minimum account value shall remain at $1000. Life distribution options are available for the first contract year.

Loan Provision

The annuity allows a minimum loan amount of $1,000. However, the minimum balance reflecting the surrender value that must remain after a loan is$500 in addition to all collateral interest on loans outstanding to the annuity.

Terminal Illness Waiver

If a policyholder has a diagnosis rendered more than a year after the effective date of the annuity contract, an amount up to 100% of the account value can be withdrawn in which case the policy holder will not incur an early withdrawal charge provided the owner or joint owner’s terminal illness has a prognosis of 12 months or less. For this annuity, the rider can only be used once.

Death Benefit

Upon the annuitant’s death, the death benefit paid to a beneficiary will be a lump sum amount that’s equal to the cash value or the account value if the beneficiary chooses a settlement option provided within the contract.

State specific

This product was not available in AK MA NH NJ NV NY PA PR UT VI WA.

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