July 16, 2018 – Host Bob Leins welcomes Shane Canfield, CEO, Worldwide Assurance for Employees of Public Agencies (WAEPA) and Brian Kurrus, Certified Financial Planner® to educate listeners on life insurance, long term care, and chronic illness riders.
Definition of long term care
Traditional stand-alone plans versus life insurance plans with riders
Pro’s and Con’s as well as why each may be used
How it may supplement life insurance coverage rather than compete with it
What is CIR?
The difference between LTC and CIR
Does it cover temporary illnesses or only permanent?
How CIR’s can mirror LTC riders in their definitions
Does the definition to qualify mirror LTC in needing assistance 2/6 ADL’s or for a cognitive impairment?
Is there a waiting period?
Is it indemnity or reimbursement?
The riders these days are quite complicated and can vary from plan to plan. Having an understanding of the potential differences between riders is key. There isn’t a simple answer to the overall differences between LTC and CIR.
Worldwide Assurance for Employees of Public Agencies (WAEPA), is a nonprofit association formed by Federal employees, for Federal employees. The goal of WAEPA is to provide access to products and services that promote the health, welfare and financial well-being of its members. Learn more at www.waepa.org