Long Term Care Insurance Opportunities Under The Pension Protection Act

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1 Long Term Care Insurance Opportunities Under The Pension Protection Act Presented [by/for]: [Type Your Name Here] Long Term Care Insurance Underwritten by Genworth Life Insurance Company, Richmond, VA FOR PRODUCER USE ONLY. NOT FOR PUBLIC USE OR DISTRIBUTION Genworth Financial, Inc. All rights reserved. Genworth, Genworth Financial and the Genworth logo are registered service marks of Genworth Financial, Inc /9/09

2 Agenda 2 The Pension Protection Act of 2006 New Opportunities All guarantees provided by insurance products are based on the claims paying ability of the issuing company.

3 Long Term Care Insurance Opportunities Under The Pension Protection Act of 2006 (PPA) 2

4 Long Term Care Insurance Under the PPA Provisions Of The PPA Affecting Long Term Care Insurance (LTCI) Retired Public Safety Officers 2 Qualified LTCI Within A Linked Benefit Product 3 Tax-free Exchange Rules Under IRC Section 035 3

5 Long Term Care Insurance Under the PPA Linked Benefit Products Prior to //200 LTC Benefits and Charges From Annuity-LTC Are Taxable Key Changes Beginning //200 A Tax Qualified LTCI (QLTCI) rider under a non-qualified annuity contract will be treated as a separate contract, thus QLTCI benefits paid from these riders are tax free LTCI rider charges against the account value are not a taxable distribution, although they reduce the client s cost basis (but not below zero) 4

6 Long Term Care Insurance Under the PPA Current 035 Rules* Life Life Annuity Annuity Life Annuity Annuity to Life is not Allowed New 035 Exchange Rules 035 New Tax Free Options: Annuity LTCI Life LTCI QLTCI LTCI New, Tax Advantaged Opportunities For LTCI Planning Non- Qualified Annuity With Tax Free Exchange LTCI** Tax Free LTCI Benefits LTCI Benefits *Endowment Contracts may also be exchanged for other endowment contracts, annuity contracts or QLTCI, but are mostly legacy contracts. **Traditional LTCI or Linked Benefit Products with a QLTCI Rider 5

7 PPA LTCI Planning Options Non-Qualified Annuity Funding Of Traditional LTCI Non-Qualified Deferred Annuity Before 200 Basis Non-Qualified Deferred Annuity Partial Withdrawal (Annual) Portion of withdrawal that is gain is taxable as ordinary income * Additional 0% penalty on gain may apply if younger than age 59½ * Traditional LTCI 200 Basis Partial 035 (Annual) No taxable event to owner /Basis is pro-rated Traditional LTCI Fund LTCI Without Immediate Tax Consequences *Partial withdrawals from non-qualified deferred annuities bought after August 3, 982 are taxed as ordinary income to the extent of gain in the contract (LIFO). Partial withdrawals from contracts entered into before that date may be treated as first coming from principal (FIFO). 6

8 PPA LTCI Planning Options SPIA Funding Of Traditional LTCI SPIA Before 200 Basis SPIA Income Income may be part gain and part return of premium (Exclusion Ratio) until the premium is recovered Portion of income that constitutes gain is taxable as ordinary income Traditional LTCI 200 Basis Income Payments sent from SPIA carrier to an LTCI carrier are tax-free Traditional LTCI Use a SPIA To Fund LTCI 7

9 PPA LTCI Planning Options Using An Annuity To Pay For Long Term Care Expenses Self Funding w/ Non-Qualified Annuity Basis Withdrawal withdrawn to pay long term care cost taxed as ordinary income* Long Term Care Expenses Limited to Account Value Linked Benefit Annuity Basis LTC Rider LTC Benefits Benefits paid to reimburse for LTCI expenses are not taxed Many linked benefit annuity contracts allow the contract holder to leverage initial premium for larger LTC benefits 8 Long Term Care Expenses Exchange A Non-Qualified Annuity With Substantial For Income Tax Free LTC Benefits *In some cases, long term care expenses paid out-of-pocket may be deductible as unreimbursed medical expenses for federal income tax purposes

10 PPA Linked Benefit Life Changes Using A Life Policy To Pay For Long Term Care Expenses Before and After 200 Linked Benefit Life Basis LTC Rider Tax Free LTCI Benefits Long Term Care Expenses After 200, long term care insurance rider charges reduce the cost basis but not below zero. Before 200, such charges may have been taxable. Any LTC benefit paid from a linked benefit life contract will reduce both the contract cash value and death benefit. If You Use For Life Or Long Term Care Benefits, Then No Tax Consequences 9

11 2 The Opportunity 0

12 Consumer LTC Strategy 2 All Consumers Fall into One of 3 Categories Long Term Care Insurance Purchasers Recognize need for LTCI protection and willing to purchase a traditional policy as solution Solution = traditional LTCI policy Self-Insuring Expect to use existing assets to fund LTC need Don t like idea of paying premiums if they never have a long term care event Solution = Linked Benefits Product Medicaid No private insurance solution 7% Market Penetration* 93% of the Market is Uncovered by Traditional LTCI *SRI Macro Monitor

13 Annuity Linked Benefit Market Assessment 2 Nonqualified Fixed Annuities $300 Billion Assets as of 2007 $96 Billion Outside the Surrender Charge Period $96 $204 Source LIMRA, 2008 The 2007 Individual Annuity Market Outside of Surrender Charge figures based on Genworth Financial companies experience. Actual industry may be different. 2

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