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Phoenix LegacyShield LifeSM is specially designed for individuals in need of life insurance who have an elder care plan and who intend to apply for a government assistance program. Phoenix LegacyShield Life is single-premium whole life insurance with certain features that may make it exempt from consideration for the asset guidelines of government assistance programs.
Take a look at the example below to see Phoenix LegacyShield Life in action.
The Client:
Jim Murray, Age 77
The Challenge:
After living independently for many years, Jim needs full-time nursing home care, and plans to apply for government assistance program benefits to cover the cost. He has $100,000 in savings that he had planned to leave for his son, Peter, age 52, and daughter, Sharon, age 47, to help cover his grandchildren’s education expenses. In order to apply for benefits under the government assistance program, Jim would need to spend the $100,000, depleting the legacy he has worked hard to create.
The Solution:
Working with a knowledgeable professional, Jim decides to purchase a Phoenix LegacyShield Life policy and designate Peter and Sharon to receive payments under the policy’s Recurring Life Insurance Death Benefit Rider1. Since Peter has three children and Sharon has one child, Jim wants the payout to be paid to Peter and Sharon over 7 years in a 75%/25% split. He also designates Peter as the Policy beneficiary to receive a guaranteed $1,000 lump sum death benefit. The diagram below shows how Phoenix LegacyShield Life would work in Jim’s situation. Since Phoenix LegacyShield Life is a life insurance contract with a limited guaranteed death benefit and cash value, current government benefit countable asset exemptions may apply.
This is a hypothetical example shown for illustrative purposes only. Rates are subject to change. Clients should receive a customized quote before purchase.
1. Income stream death benefit amounts are based on stated payout period, as well as beneficiary's age and gender. Rider beneficiary must be alive at the death of the insured to receive the payment. Payments continue until the earlier of the end of the elected payment period or the death of the beneficiary.
Call Phoenix's Sales Desk For More Information!
888-794-4447
For Producer Use Only. Not to be shown to the public as sales literature.
Guarantees are based on the claims-paying ability of the issuing company, PHL Variable insurance Company or Phoenix Life Insurance Company. Phoenix makes no guarantees that purchase of Phoenix LegacyShield Life will result in eligibility for assistance through any government program.
Phoenix LegacyShield Life (10WLRDB, 10WLRDBSP, 10RDBS, 10RDBJ) is issued by PHL Variable Insurance Company (PHLVIC). In Maine and New York, Phoenix LegacyShield Life is issued by Phoenix Life Insurance Company (PLIC). PHLVIC is not authorized to conduct business in Maine and New York.
These insurers are separate entities and each is responsible only for its own financial condition and contractual obligations.
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