How do I…

ensure I have access to the care I need?

When it comes to protecting your retirement savings from the costs of care in retirement, you want choices, not restrictions. How confident are you that you can cover the unexpected?

When it comes to protecting your retirement savings from the costs of care in retirement, you want choices, not restrictions. How confident are you that you can cover the unexpected?

Part of living well is planning ahead

No one can tell what the future may hold. But if you become ill and need professional healthcare services, the plans you make today can free up a world of possibilities tomorrow. A smart financial plan that offers flexibility for an uncertain future can help you pay for care if you need it, and provide benefits even if you don’t. Learn more about your options and how Pacific Life Insurance Company can help.

Why may I need professional care services in retirement?

It doesn’t have to be old age. It could be an accident or illness. If you become unable to perform at least two of the six activities of daily living1 for a period of at least 90 days or develop a cognitive impairment that’s serious enough to warrant supervision, you’re likely to need professional care. These services can range from food preparation to full-time nursing home care. The costs and conditions vary greatly depending on where you live and what type of care you need.

1 The six activities of daily living are: bathing, continence, dressing, eating, toileting, and transferring.

Will my savings be enough to meet the costs I may face?

Without proper planning, if you need professional care late in life, you may quickly burn through your retirement savings paying for it. Life insurance provides financial protection against premature death, and certain policies can also help you pay for professional care services if you need them. Talk to your financial professional to learn what options are available to you.

If I need care, what options are available to help me pay for it?

You may be surprised to learn that government programs, like Medicare and Medicaid, are not likely to cover the full costs of care you may need. Medicare only helps pay for medically necessary health care services and may not provide support for other services you need. Medicaid is only available to specific low‐income individuals and families that meet certain eligibility requirements.

Health insurance covers skilled acute care, but like Medicare, may not cover other services you may need. Disability insurance is intended to help replace some of the working person’s income when a disability prevents them from working; it is not designed to cover medical expenses. Traditional insurance may be a good alternative or supplement to other plans, but the money spent on premiums may be lost if you never need professional care services.

With so many options, or perhaps just because it’s an uncomfortable topic, many people end up using their retirement assets to pay for these expenses, which is equivalent to self-insuring. The risk of self-insuring is that if you need care later in life, the high costs of care can quickly deplete your retirement assets when you can least afford it.

Certain riders available with many of today's life insurance products can help protect your beneficiaries as well as help you plan for tomorrow.

How do I find and coordinate the care I need?

Managing your care can be as difficult a challenge as saving enough to pay for it. But there is help in sight. Professional care coordination services can provide licensed health care practitioners to guide you and your loved ones through each step of the claims process, from understanding your options to helping certify your condition to helping you identify and coordinate the care you need. Some policies offer care coordination services included at no additional cost. Such a service can make a huge difference in the kind of care you receive.

Products to help you pay for care you may need

Life Insurance with Long-Term Care Benefits

Help paying for late-in-life health expenses. Leverage. Death benefit protection. Return of Premium benefit. Discover the surprising flexibility of life insurance with long-term care benefits.

 

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Plan now, so you’re ready later

For you, family is one of the most important things in your life. You take care of them. They take care of you. Making sure that they’ll always be taken care of, no matter what happens.

LEARN MORE

Retirement income

Being happily retired looks different for everybody. Maybe you want steady retirement income that lasts or supplemental income to help you meet the unexpected in life.

LEARN MORE

Protect and grow my business

You want your business to maintain its competitive edge. Attracting talent and building a succession plan for the future means you can ensure your business stays in stable hands.

LEARN MORE

Save Enough for My Future

You don’t know what the future has planned for you, but you want to be prepared for the unexpected and be able to achieve your goals.

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In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer.

Life insurance with Long-Term Care benefits is intended to provide federally tax-qualified long-term care insurance as defined in IRC Section 7702B(b).  When benefits are received from multiple policies providing long-term care or chronic illness benefits for a given insured, including policies with different owners, all of those benefits must be aggregated to determine their taxability.  Pacific Life cannot determine whether the benefits are taxable. If there are any questions concerning the tax implications of qualified and independent legal and tax advisors should be consulted.

Life insurance policies with long-term care benefits have certain exclusions and limitations. For costs and complete details of the coverage, contact your life insurance producer.

Pre-Existing Conditions Limitation: A pre-existing condition means a condition for which medical advice or treatment was recommended by, or received from, a provider of health care services, within six months of the Policy Date. We will not reduce or deny any claim under this Rider because of a pre-existing condition or disease that is disclosed on the Application. Any loss occurring within six months of the Policy Date with respect to a pre-existing condition or disease not disclosed on the application will not be covered.

Exclusions, Exceptions, and Limitations: Pacific Life will not pay benefits for care or services: 1) provided by the Insured’s Immediate Family unless he or she is a regular employee of an organization which is providing the treatment, service or care; and the organization receives the payment for the treatment, service or care, or provided by the Insured’s Immediate Family unless the Indemnity Benefit Option is in effect and benefits are being paid for Home and Community Care; 2) for which no charge is normally made in the absence of insurance; 3) provided outside the United States of America except as provided under the Indemnity Option's International Benefit; 4) that result from an attempt at suicide (while sane or insane) or an intentionally self-inflicted injury; 5) that result from alcoholism or drug addiction; 6) that result from committing or attempting to commit or participating in a felony, riot or insurrection; 7) provided in a government facility (unless otherwise required by law); 8) for which benefits are available under Medicare (including amounts that would be reimbursable but for the application of a deductible or coinsurance amount) or other governmental program (except Medicaid), any state or federal workers’ compensation, employer’s liability or occupational disease law, or any motor vehicle no-fault law. No benefits will be paid for services received while the Accelerated Benefit Rider (ABR) and the Extended Benefit Riders (EBR) for Long-Term Care are not in effect.

Pacific Life Insurance Company will provide you with a sample policy by requesting one here.

Pacific Life Insurance Company is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product availability and features may vary by state. Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker‐dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims‐paying ability of the life insurance company.

Pacific Life Insurance Company's Home Office is located in Newport Beach, CA.

This is an insurance solicitation.

ICC19 19-21

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