Even the best financial plans require occasional updates, and a life-changing event like divorce later in life could certainly necessitate some tweaking!  In this case study, we make the following planning assumptions:

• Sam, age 58, is a recently divorced father/grandparent.
• He has substantial assets and plans to retire at 65.
• Sam is concerned about becoming a burden on his three children.
• His children are the beneficiary of the current life insurance policy death benefit, which is now a secondary concern to LTC.
• The policy has a $250,000 death benefit, a $2,500 annual premium, and a cost basis of $50,000.
• He would “pay for care” with $100,000 of cash value in a Variable Universal Life  Insurance policy purchased more than 20 years ago.
• His HALO Assessment projects a four-year, $5,000/month need for care.

If Barry were your client, and Long-Term Care was a concern, which scenario would you recommend to address his planning needs?