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WE MAKE NO REPRESENTATION, EXPRESS OR IMPLIED, THAT A USER WILL BE ABLE TO OBTAIN LIFE OR LONG-TERM CARE INSURANCE FROM ANY INSURANCE COMPANY.
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It is the solely the responsibility of the consumer to review and evaluate any particular insurance policy to determine whether such policy is appropriate for his or her needs.
Important Information:
We have provided this information to help consumers understand the ideas discussed. Any examples are hypothetical and are used only to help consumers understand the concepts of the policy. What we say about legal or tax matters is our understanding of current law, but we are not offering legal or tax advice. Tax laws and IRS administrative positions may change. The material is not intended to be used by any taxpayer to avoid any IRS penalty. You should consult independent tax and legal professionals for advice based on their particular circumstances.
All guarantees provided by insurance products are based on the claims paying ability of the issuing company.
When the policy's death benefit is accelerated for long-term care and/or chronic care expenses, the death benefit is reduced dollar for dollar, and the cash value is reduced proportionately. Long-term care benefits provided from an asset-based policy may not cover all of your long-term care expenses.
Life insurance death benefit proceeds are generally excludable from the beneficiary's gross income for income tax purposes. There are few exceptions such as when a life insurance policy has been transferred for valuable consideration.
Loans and partial surrenders will reduce the death benefit and cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Policies classified as Modified Endowment Contracts may be subject to tax when a loan or partial surrender is made. A federal tax penalty of 10% may also apply if the loan or withdrawal is taken prior to age 591/2. Cash value available for loans and partial surrenders may be more or less than originally invested. Partial surrenders may be available after the first policy year.
The policies described and discussed on this website are intended to be federally tax-qualified long-term care insurance under Internal Revenue Code section 7702B(b) and/or 101(g). If you have any questions concerning the tax implications of these products, you should consult with an attorney or qualified tax advisor.
Comments on taxation are based on RetirementGuardian.com's understanding of current tax law, which is subject to change. No legal, tax or accounting advice can be given by RetirementGuardian.com, its agents, employees or representatives. Prospective purchasers should consult their professional tax advisor for details.