The Reliable Living Plan is long-term care insurance designed for those who are already experiencing a qualifying chronic illness and/ or severe cognitive impairment. It provides monthly payments, designed to be tax-free,* that continue for as long as long-term care services are needed.
Neither Americo Financial Life and Annuity Insurance Company, nor any agent representing Americo is authorized to give legal or tax advice. Please consult a qualified professional regarding the information and concepts contained in this material and taxation as it applies to you.
* U.S. Department of Health and Human Services, 2010 Costs of Care, LongTermCare.gov (2/21/2017).
Long-term care consists of a range of services and support for personal care. Most long-term care isn’t medical care; rather it’s memory care or help with basic personal tasks of everyday life, sometimes called activities of daily living.
Activities of daily living (ADLs) include continence, dressing, toileting, eating, bathing, and transferring.
You choose the benefit amount that is right for you based on your desired lump-sum premium payment. Your premium amount, along with your overall health status, determines the monthly benefit options available to you, which can be as low as $1,000 or as high as $12,000*. The actual benefit amount will be stated in the policy.
Once you receive your issued policy, you will start receiving your monthly benefits after 30 days. During these 30 days, called the “free-look period,” you may cancel the policy for a full refund of premium.
* Annual certification of chronic illness required to continue benefit payments.
You will be eligible to receive monthly benefits for as long as you require qualified long-term care services. You will need to qualify annually by providing a certificate of chronic impairment.
Unlike some LTC insurance policies, with the Reliable Living Plan there is no need to submit receipts for reimbursement.
Your premium payment can come from any non-tax-qualified source, such as a one-time lump-sum payment, money your family has set aside, or a direct transfer from an existing life insurance or annuity policy (also known as a 1035 Exchange).
If your premium payment is from an existing deferred annuity or life insurance policy, under current tax law, any gains in the contract will not be taxable as a result of the exchange.
Unlike most LTC insurance policies, the Reliable Living Plan provides benefits when the covered person is already chronically impaired. To apply, the covered person must be age 65 or older (there is no maximum age) and have an immediate need for care services because he or she is unable to perform at least two out of six ADLs or is experiencing a severe cognitive impairment (memory issue), such as dementia or Alzheimer’s disease. Reliable Living Plan is individually underwritten.
Applying for the Reliable Living Plan is a simple online process that takes minutes to complete. There is no invasive medical testing. You must answer health-related questions, and a certificate of chronic illness will be required for proof of insurability. The application is subject to approval by the company.
You can continue to receive your benefits even if your living situation changes, as long as you remain chronically impaired and are receiving qualified long-term care services. Benefits are paid directly to you and can be used to help pay for care services, including assisted living care, memory care, nursing home care, home health care, or adult day care.
Should you die within the policy’s first six months, your premium amount, less any premium tax and less any benefits paid, will be paid to your designated beneficiary. If you die outside the six-month period, no return of premium or death benefit will be paid.
The Reliable Living Plan (Policy Series 600) is underwritten by Americo Financial Life and Annuity Insurance Company, which has received an “A” (Excellent) from an independent ratings agency.1
Innovative thinking and sound investment decisions helped Americo build a strong financial foundation for its business. Americo Financial Life and Annuity Insurance Company (Americo) is the lead company in one of the largest independent, privately held insurance groups in the United States2 with $6.3 billion in assets for year-end 2016.3
For over 100 years, Americo Life, Inc.’s family of insurance companies has been committed to providing the insurance products you need to protect your mortgage, family, and future.4
1 A.M. Best rating for Americo Financial Life and Annuity Insurance Company (Americo), 2016. Americo Financial Life and Annuity Insurance Company has a financial strength rating of A (Excellent, 3 out of 15 rating categories.) A.M. Best’s rating is assigned after a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance, and business profile. A.M. Best uses a scale of 15 ratings, ranging from “A++” to “F.” Rating refers only to the overall financial status and is not a recommendation of the company.
2 “Admitted Assets, Top Life Writers-2016,” A.M. Best Co., as of September 2016.
3 “Information is as of year-end 2016 on a consolidated basis for Americo Financial Life and Annuity Insurance Company and the other life insurance subsidiaries of Americo Life, Inc. Information is prepared on the basis of generally accepted accounting principles (GAAP).
4 Americo Life, Inc. is a holding company and is not responsible for the financial condition or contractual obligations of its affiliate insurance companies.
The Reliable Living Plan single premium immediate long-term care insurance policy (Series 600) is underwritten by Americo Financial Life and Annuity Insurance Company, Kansas City, MO, and may vary in accordance with state laws. Product and benefits may not be available in all states. Certain restrictions and variations apply. Policy and rider have limitations and exclusions. For costs and complete details of the coverage, call your producer or the company.
Americo Financial Life and Annuity Insurance Company is authorized to conduct long-term care insurance business in the District of Columbia and all states except CT, ME, NY, and VT.
Product distributed by:
Legacy Marketing Group®
dba: Legacy Marketing Insurance Services (CA Only)
2090 Marina Avenue, Petaluma, CA 94954-6714
Legacy Marketing Group® is an independent, authorized agency of Americo.
The Reliable Living Plan is intended to be a federally tax-qualified long-term care insurance contract under IRC 7702B.
Neither Americo Financial Life and Annuity Insurance Company, nor any Producer representing Americo is authorized to give legal or tax advice. Please consult a qualified professional regarding the information and concepts contained in this material and taxation as it applies to you.
This document is not a legal contract. For the exact terms and conditions, please refer to the policy.