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| Been licensed since 1979, so have pretty much seen it all, experienced it all. When it came time for my wife and I to choose coverage, we applied for a joint and survivor (keeps premiums considerably lower since death benefits only pay on the second to die) universal indexed life insurance policy. (cash value accumulation is tied to various indexes, most common the S&P 500) We each have a death benefit to which a long term care rider is part of the policy, can be home, assisted or nursing home, doesn’t matter, as long as 2 activities of daily living can no longer be accomplished, triggers a claim. Ours is with NationWide, and the LTC benefit is an amount up to 2% of the death benefit per month, with a 90 day elimination period. If neither of us uses our individual buckets of cash for LTC, the policy pays it out as a tax free death benefit upon our passing. Benefits paid will be deducted from the death benefit. The annual premiums are less than 1% of the death benefit, taken out when I was 57, she was 56. This is by far and away the best route to choose. Most folks wait to long before applying, and have lost their insurability. This is not an area where you can save money by waiting. Premiums grow exponentially higher each year you wait, and your chances of passing a physical diminish greatly. Email is good if you’d like a quote/illustration/guidance. Edit too add; In our case, I could afford to self insure, but for as little as it cost to buy the coverage, I choose to partially insure in case I have a debilitating stroke at a fairly young age, and linger in the home for fifteen years, I wanted to cushion that blow somewhat for my wife. This accomplished our goals perfectly. My long term experience working with clients is most, not all, can at least afford to pay some of the expenses out of pocket, self insuring a lower level to some degree. They are worried about the catastrophic cost they cannot afford. I always provide a detailed needs analysis to pre determine how much if any coverage is needed, and to what level.
Edited by Boone & Crockett 10/6/2024 10:18
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long term care insurance
