Created
Mar 19, 2025 5:15 PM
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Most Competitive Policies
- Mutual of Omaha
- National Guardian Life
There used to be more, but many got out of the business.
General Info
- Daily Benefit: The key piece of information to know is the daily benefit.
- This is what is paid out on a daily basis once the conditions are met to qualify for the insurance.
- The standard is $200, but should depend on the cost of living in the area.
- You should also have ready the monthly ($6k), annual ($72k), and total ($216k over a 3 year benefit period) amounts.
Information Needed to Quote
- Knowing the daily benefit the client wants
- Zip code
- Date of birth
- Whether it's for a couple or individual because there's a 10-15% couples discount
- The length of the benefit period for which you get that daily benefit. Typically it's 3 years
- The elimination period, which is the time that you self-fund once the insurance triggers before the benefit sets. It's usually 90 days, up to 1 year
Riders
- Adding an inflation protection of 3%
- Return of premium if you never use the insurance, but it's usually cost prohibitive
Importantly, there is no death benefit
Need to Knows
- Underwriting is required
- A history of mental health disorders or Alzheimer’s may lead to ineligibility
- You usually need to pay premiums for 3-4 years before the benefit pool becomes available.
- It's always good to do at a younger age when you're healthier!
- It can get expensive ($300 - 400 per month) once you hit your 60s