In the 3-phase retirement concept, the unhealthy years are also known as the “No-Go” years. As the “No-Go” years are recognized as part of retirement, there is intentional financial planning for the “No-Go” years as part of overall retirement planning. Not so long ago, separate insurance plans such as ElderShield supplements or critical illness insurance coverage are used for this “No-Go” phase.
However, there are now retirement annuity plans with long term care protection available. These type of plans are designed primarily for the retirement income planning by providing an income for a number of years during retirement. What is unique about such plans is that should disability happens during the income pay-out period, the income pay-out will increase. If no disability happens, the plan will pay out the income as normal.
This comparison is designed to help you understand these type of plans and the key features that you need to consider in selecting a suitable plan for your needs.