Alyssa Lane
National Guardian Life (NGL) offers a Funeral Expense Trust that covers funeral expenses and protects assets against nursing home costs. NGL AssetGuard is NGL's only life insurance policy, which can be paid with a single premium or over multiple years. This insurance plan can be used to fund a funeral and make one's final wishes known. NGL has also introduced a Funeral Home Support phone line to assist funeral home directors and staff with claims filing, policy inquiries, and other operational needs.
| Characteristics | Values |
|---|---|
| Company | National Guardian Life Insurance Company (NGL) |
| Type of Insurance | Life Insurance |
| Product | NGL AssetGuard |
| Features | Funeral Expense Trust, Estate Planning Trust, Long-term Care Insurance |
| Payment Options | Single Premium, Multi-pay (3, 5, 7, or 10 years) |
| Issue Age | Single pay: up to 99 years old, Multi-pay: up to 80 years old |
| Death Benefit | Up to $15,750 |
| Protection | Assets protected from nursing home cost claims and Medicaid claims |
| Additional Services | Funeral Home Support phone line for funeral homes and families |
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What You'll Learn
NGL AssetGuard
The key advantage of NGL AssetGuard lies in protecting your assets. For instance, if you contribute $15,000, you may receive a death benefit of $15,750. Within a funeral trust, this benefit is shielded from nursing home cost claims, ensuring your funds are protected and available for funeral expenses.
Overall, NGL AssetGuard is a valuable option for those seeking to secure their end-of-life plans and protect their assets. With its unique features, NGL AssetGuard fills a niche in the insurance market, offering a comprehensive solution for funeral expenses and asset protection.
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Funeral expense trust
A funeral trust is a way to set aside money to ensure that end-of-life arrangements are funded and carried out according to one's wishes. There are two types of funeral trusts: revocable and irrevocable. The difference between them is the flexibility offered—revocable trusts allow the trustor to change their mind and cancel the plan, while irrevocable trusts do not.
The NGL Funeral Expense Trust is a type of burial insurance offered by National Guardian Life (NGL). It is often coupled with NGL AssetGuard, a simplified issue life insurance policy. With NGL AssetGuard, you can choose to pay with a single premium or over multiple years of 3, 5, 7, or 10 years. The issue age is one of the benefits—on a single pay, an applicant can be up to 99 years old to qualify, while for multi-pay, the issue age is up to 80.
Combining the NGL Funeral Expense Trust with NGL AssetGuard creates a powerful tool for paying funeral expenses and protecting one's assets against nursing home costs. This combination is unique compared to traditional final expense insurance policies. NGL, established in 1919, has the financial strength and ability to meet its policyholder obligations.
Funeral trusts, including the NGL Funeral Expense Trust, offer several benefits. They alleviate emotional, practical, and financial burdens, providing peace of mind to families during a difficult time. Trusts allow for any relative, other person, entity, or funeral home to handle funeral arrangements, making it easier for a non-family member or distant relative to take charge. Trusts also help save money by locking in expenses at the current rate, as funeral costs tend to increase over time due to inflation.
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Funeral planning
National Guardian Life (NGL) offers a range of insurance products for older adults, including funeral planning. NGL's AssetGuard is a simplified issue life insurance policy that can be used to pay for funeral expenses. With NGL AssetGuard, you can choose to pay a single premium or make payments over multiple years (3, 5, 7, or 10 years). The maximum age to qualify for a single-pay policy is 99 years old, while the multi-pay option has an issue age limit of 80.
One of the benefits of NGL AssetGuard is that it offers a death benefit that is protected from nursing home cost claims. This means that if you contribute $15,000, you may receive a death benefit of $15,750, which can be used to cover funeral expenses. This death benefit is protected within a funeral trust, ensuring that it is not claimed by Medicaid if you require long-term care.
NGL also offers the Funeral Expense Trust, which can be combined with AssetGuard to create a comprehensive solution for paying funeral expenses while protecting your assets. This combination is unique in the insurance market and provides peace of mind for individuals and their families.
NGL understands the importance of supporting funeral homes and has introduced a dedicated Funeral Home Support phone line. This service assists funeral home directors and staff with claims filing, policy inquiries, and operational needs, enhancing the overall customer experience.
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Estate planning
National Guardian Life Insurance Company (NGL) provides a range of insurance services, including funeral insurance. Estate planning is a crucial aspect of financial security for individuals and families. Here are some ways that life insurance, including funeral insurance, can be incorporated into estate planning:
Financial Flexibility and Protection
Life insurance can provide financial flexibility and protection for your loved ones after your passing. It ensures they have sufficient support to navigate immediate financial needs and long-term expenses. This can include funeral costs, medical bills, and other unexpected expenses.
Business Continuity
In the case of a family business, life insurance death benefits can be used by your successors (children or business partners) to purchase your interest from your estate or spouse. This provides liquidity, allowing your family to continue running the business and ensuring its survival.
Tax Reduction and Asset Distribution
An estate plan with an Irrevocable Life Insurance Trust can help reduce estate taxes. It also ensures the equitable distribution of assets, especially in blended families, providing fairness and reducing potential conflicts.
Wealth Transfer
Life insurance is an effective tool for transferring wealth to children or grandchildren. It can help maximize the amount transferred and provide financial security for future generations.
Peace of Mind
Incorporating life insurance into your estate plan offers peace of mind. It ensures that your family is taken care of and that your wishes are carried out, even in unpredictable circumstances.
When considering estate planning, it is essential to consult with financial and legal professionals to develop a comprehensive plan that addresses your unique needs and goals.
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Long-term care insurance
NGL (National Guardian Life) offers long-term care insurance as part of its NGL AssetGuard package. This insurance policy is designed to cover funeral expenses and protect one's assets against nursing home costs.
The need for long-term care can be financially, physically, and emotionally taxing. Traditional long-term care insurance policies allow individuals to choose the amount of coverage, how long it lasts, and how long they must wait before receiving benefits. Typically, policyholders pay an annual premium for life, although some insurance companies may offer shorter premium payment periods. It's important to note that many insurance companies no longer offer traditional policies, and those that do may increase annual premiums over time.
Hybrid policies are also available, offering both life insurance and long-term care coverage. These policies provide benefits in two different scenarios, allowing individuals to access long-term care coverage if needed and providing a death benefit to beneficiaries if the insured passes away before needing long-term care.
When considering long-term care insurance, it's essential to evaluate your financial situation and future needs. While long-term care insurance can provide peace of mind and protect against unexpected costs, it may not be necessary or feasible for everyone. Some individuals may choose to self-fund their long-term care costs using their retirement savings or other assets. However, it's important to consider the potential financial impact on oneself and one's family members or caregivers if unexpected long-term care expenses arise in the future.
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Frequently asked questions
NGL stands for National Guardian Life, an insurance company established in 1919.
NGL Funeral is a type of life insurance offered by National Guardian Life. It is also referred to as a funeral expense trust or burial insurance.
NGL Funeral insurance helps to cover funeral expenses and protect assets against nursing home costs. It also allows individuals to pre-plan their funeral, spelling out their wishes clearly and eliminating guesswork for their loved ones.
