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. This type of plans are designed primarily for 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 guide is designed to help you understand this type of plans and the key features that you need to consider in selecting a suitable plan for your needs. Included in this guide is a table of 3 such annuity plans including a comparison of the key features:
1. Earliest Pay-out age
2. Latest Pay-out age
3. Definition of Disability
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