· Using a SPDA
to Fund
Long Term Care
Insurance
· More PPA
Materials Available |
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For More Information Contact
For questions, feedback
or more information, please
contact your Genworth
Financial representative. |
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Dear Stephanie,
Including long term care planning in a retirement strategy, it is more important than ever to ensure clients have the ability to help protect their family and finances from a long term care event. One of the solutions is to transfer some or all of the risk to a long term care insurance policy. The Pension Protection Act of 2006 provides additional opportunities for funding long term care insurance premiums.
Have a great week!
Your Genworth Financial Sales Team
Using a SPDA to Fund LTC Insurance
Cindy and Tom own a deferred annuity. They wanted to protect their children should either parent need long term care and expressed the need to include a plan in their retirement strategy. Their agent Dave recommends long term care insurance and suggests a tax-efficient way to fund the premiums: use part of the couple’s SPDA. Read more about this approach here.
More PPA Materials Available
You can find additional resources about the Pension Protection Act on our dedicated website. This site has sales ideas, exchange forms and more details about the tax-law changes.
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Important Information: The Genworth Financial companies developed these materials to help you understand the ideas discussed. Any examples are hypothetical. They may not reflect your client’s particular circumstances. Your clients should carefully read their contract, policy and prospectus(es), when applicable. What we say about legal or tax matters is our understanding of current law. We are not offering legal or tax advice. Tax laws and IRS administrative positions may change. We did not develop these materials for use in avoiding any IRS penalty and neither you nor your clients may use it for that purpose. Insurance companies' tax reporting practices may vary. Your clients should ask their independent tax and legal advisors for advice based on their particular circumstances. We reserve the right to change the information reporting described herein to comply with forms and instructions issued by the Internal Revenue Service.
Prior to engaging in a 1035 exchange, your clients should carefully consider a number of factors including the features and crediting rates of their current product, applicable surrender charges, any new surrender charge period on the purchase of a new product, as well as the various features of the new product.
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Genworth, Genworth Financial and the Genworth logo are registered service marks of Genworth Financial, Inc.
Long term care insurance underwritten by:
Genworth Life Insurance Company Richmond, VA
Genworth Life Insurance Company of New York New York, NY
| Fixed Deferred and Immediate Annuities Issued by:
Genworth Life and Annuity Insurance Company,
Genworth Life Insurance Company &
Genworth Life Insurance Company of New York
Only Genworth Life Insurance Company of New York is licensed to conduct business in New York. |
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