National Guardian Life Essential LTC
Last updated on January 16, 2023
⬇️ Scroll down to view actual National Guardian Life Essential LTC product illustrations for your approximate age & gender.
About National Guardian Life
Since 1909, National Guardian Life Insurance Company (NGL) has been one of the country’s most highly rated independent mutual life insurance companies. The company sold their first insurance policy in 1910 and has since grown nationwide, currently licensed to do business in 49 states and the District of Columbia. NGL is a mutual insurance company, which means its owned by its own policyholders instead of external shareholders, allowing it to focus on its policyholders’ long-term needs. With over 100 years of experience in the insurance industry and a history of financial strength and stability, NGL is a great option for those seeking traditional long term care insurance.
The company maintains high ratings for financial strength and stability, with an A (excellent) rating from A.M. Best, the largest credit rating agency in the world specializing in the insurance industry.
NGL provides one of the very best traditional (no life insurance component) long term care policies on the market, for two main reasons:
1) NGL’s traditional long term care insurance pricing is by far the most competitive if you are in relatively good health.
2) It is the only insurer that offers a traditional LTC policy with lifetime unlimited benefits, which can be important if you are concerned about Alzheimer’s or dementia down the road.
OneAmerica is the only other insurer offering lifetime unlimited benefits, by the way, but that’s for a hybrid (life insurance + LTC) policy.
National Guardian Life Essential LTC product features
– Daily benefit amount choice from $50 to $300, in $10 increments
– Available issue ages: 40-79 years old
– Duration of benefits: 2, 3, 4, 5, or 6 years
– Inflation protection options: 3% compound or 5% compound
– Shared benefit amount rider which either insured can tap into once an individual benefits are exhausted
– Limited return of premium rider: upon the death of the insured, the beneficiary would receive the sum of all premiums paid, minus the benefits received
– Limited return of premium with optional policy surrender rider: this allows the owner of the policy to surrender all or part of the policy premiums paid (according to a vesting schedule), up to 80% of the amount paid, minus the benefits received. Several conditions must be met: no more than 365 days of benefits paid in the past, not currently receiving any benefits, no claim under consideration.
– 1st day home care or community care services benefit rider: brings the elimination period to zero
National Guardian Life Essential LTC advantages
– Option to pay in a lump sum – this eliminates the risk of potential rate increases in the future that could affect you if you choose to pay with a lifetime premium payment mode
– Option to pay in just 10 years – this is another option that helps mitigate the risk of potential rate increases in the future
– Joint policy option – for two people residing in the same household. NGL is the only insurer offering a traditional LTC policy on a joint basis, which is often much more advantageous than purchasing two policies.
– Option to pay with a 1035 exchange – this means that National Guardian Life accepts tax-free exchanges of life insurance or annuity cash value to fund your long term care insurance premiums. If you have gains above the premiums paid in these existing contracts, a 1035 exchange is a fantastic way to avoid paying income taxes on that money, while repurposing it to cover your LTC expenses.
National Guardian Life Essential LTC disadvantages
– Applicants for the Essential LTC product should be in good health. The underwriting process averages 5-6 weeks in length, due to the requesting and review of medical records, which is a standard practice for traditional LTC policies, across all insurers.
– Payment modes are only single pay or 10-pay, which may not suit some budgets.
– International benefits limited to no more than 30 days, for covered services. BrightHouse Financial’s hybrid SmartCare product is the only policy that doesn’t have any limitations for international benefits.
– Generally not as flexible as some policies from other insurers, but it is excellent, affordable coverage nevertheless if one does not need much customization.
The Bottom Line
National Guardian Life’s EssentialLTC is a must-apply product if you are in good health, want a traditional (no life component) LTC product, and can afford can afford the front-loading of the premiums.
🗏 National Guardian Life Essential LTC sample illustrations
– NGL F45 EssentialLTC $5k per mo for 3 yrs
– NGL F45 EssentialLTC $5k per mo for 5 yrs
– NGL F45 EssentialLTC $5k per mo unlimited
– NGL F60 EssentialLTC $5k per mo for 3 yrs
– NGL F60 EssentialLTC $5k per mo for 5 yrs
– NGL F60 EssentialLTC $5k per mo unlimited
– NGL M45 EssentialLTC $5k per mo for 3 yrs
– NGL M45 EssentialLTC $5k per mo for 5 yrs
– NGL M45 EssentialLTC $5k per mo unlimited
– NGL M60 EssentialLTC $5k per mo for 3 yrs
– NGL M60 EssentialLTC $5k per mo for 5 yrs
– NGL M60 EssentialLTC $5k per mo unlimited
🗏 National Guardian Life Essential LTC resources
– Essential LTC product brochure
Compare your long term care insurance options
Are you looking for the best long term care coverage at the lowest cost, that fits your specific needs?
Our brokerage is family-run with a combined 41 years of experience in the insurance industry. As independent brokers, we offer customized advice and recommendations, and can direct you to the best option among the many carriers we represent: Brighthouse Financial, OneAmerica, Mutual of Omaha, National Guardian Life, Lincoln Financial Group and Securian.
It will be our pleasure to help you navigate your options.
For comparative long term care quotes, please contact us at 1-866-LTC-BROKERS. Or simply fill out our quote request form and we will reply shortly.
Thank you. We look forward to assisting you.