Agent needs input on policy with living benefits

[shooter]

Hello everyone.
I am a licensed agent that wants a life product for myself
with living benefits.
Not having LTC, or critical illness I find myself
concerned about the living benefits.
Possibly, it would be a better option to purchase CI,
if it;s affordable.
I'm 62 not on meds. a little beefy 6'1 245.

Of course I would license with the company and write the business on
myself.
I just have a problems listening to reps from IMO's, are company
types who boast about what a great deal their product is.
It's easier to listen to agents that really sell and have experience
with companies and products.

Some have a great price, but the small print gets you at claim time.
Not being an expert in the product I am leaning to more knowledge
people like yourselves for guidance.
A whole life, GUL, or even a term could work.

One caveat, I prefer companies rated A- or better.
Thanks in advance for any helpfully reply.

Shooter

 

[rousemark]

Hello everyone.
I am a licensed agent that wants a life product for myself
with living benefits.
Not having LTC, or critical illness I find myself
concerned about the living benefits.
Possibly, it would be a better option to purchase CI,
if it;s affordable.
I'm 62 not on meds. a little beefy 6'1 245.

Of course I would license with the company and write the business on
myself.
I just have a problems listening to reps from IMO's, are company
types who boast about what a great deal their product is.
It's easier to listen to agents that really sell and have experience
with companies and products.

Some have a great price, but the small print gets you at claim time.
Not being an expert in the product I am leaning to more knowledge
people like yourselves for guidance.
A whole life, GUL, or even a term could work.

One caveat, I prefer companies rated A- or better.
Thanks in advance for any helpfully reply.

Shooter

For nusing home expense protection, a stand alone LTC is almost always better.. A CI plan will leave a lot of conditions that might require confinement that are not covered.. A hybrid life, LTC,CI plan can be useful but if you buy the death benefit for a certain need, then that need will not be met if you accelerate the benefits for LTC. owever, if you don't really need the DB, then it could work well because if you don't use the LTC, you family will get the benefit at your death. Really don't think term is going to be appropriate in any case based on what you have stated.. For the hybrid plans, I had good luck with AGLA (AIG).. As for LTC, I haven't sold that since the Penn Treaty days..

 

[DHK]

Also - be aware that Chronic Illness riders on standard life insurance policies are often based on remaining life expectancy at claim time. Well, if you have dementia or Alzheimer's... you could live a long time, so the rider - potentially - might not pay out as much upon diagnosis.

Some term policies might not even offer living benefit riders. However, some of these things may be state and company specific, so do your research - as you're doing here.

Something is better than nothing, but 'free' riders aren't usually as good as stand-alone coverage.

 

[scagnt83]

For WL: Mass and Guardian.

For IUL & GUL : AG and Nationwide. Midland for older ages. National Western for poor health.

They all offer LTC benefits for non-permanent impairments.

 

[pfg1]

In addition to what SC said...two that I use are AIG (the old AGLA) and LSW. Both offer critical, chronic, and terminal illness riders on all their products (including term). These are NOT true LTC...but riders that pay out if client has critical, chronic or terminal illness that meets definition. I had a client with a critical illness claim with LSW, outstanding.

Standalone is obviously good, but its nice to have these riders on a life policy also. Seudo LTC coverage.

 

[rousemark]

Columbian also has them on their simplified issue term.

 

[rousemark]

Also - be aware that Chronic Illness riders on standard life insurance policies are often based on remaining life expectancy at claim time. Well, if you have dementia or Alzheimer's... you could live a long time, so the rider - potentially - might not pay out as much upon diagnosis.

Some term policies might not even offer living benefit riders. However, some of these things may be state and company specific, so do your research - as you're doing here.

Something is better than nothing, but 'free' riders aren't usually as good as stand-alone coverage.

I have seen critical illness riders that are based on longevity but not chronic/LTC.. The chronic rider is usually based on the inability to perform ADLs and does not take longevity into consideration..

 

[DHK]

I think you're right. I must be thinking of critical illness riders. I know ANICO has certain limitations on policies they sell in California, so I was thinking of them as I was typing my post... but I just checked, and it's based on ADL's for Chronic illness.

 

[Tahoe Ray]

I have seen critical illness riders that are based on longevity but not chronic/LTC.. The chronic rider is usually based on the inability to perform ADLs and does not take longevity into consideration..

The "free" chronic riders have some back end calculations based on mortality and do not pay $ for $ off of the death benefit because of it.

 

[Tahoe Ray]

I think you're right. I must be thinking of critical illness riders. I know ANICO has certain limitations on policies they sell in California, so I was thinking of them as I was typing my post... but I just checked, and it's based on ADL's for Chronic illness.

That's the trigger, the benefits provided can (and will) be less than your face and it is based on a number of factors, including mortality.