No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.
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These are basically after-tax money contributions. Annuities purchased with non-qualified funds still accrue tax-deferred interest throughout your lifetime. The benefit: you're never required to take distributions at a certain age, as you are with a qualified account.
A rider available with Long Term Care insurance policies. If policy lapses after this benefit has been in place for three consecutive years, nonforfeiture benefit provides a reduced, paid-up pool of money equal to the greater of: the total of premiums paid for coverage, or an amount equal to one month (30 days) of nursing facility benefit at the time the coverage lapses.