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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.