State of Washington, 67 year old female, diagnosed with dementia (alcohol induced) March 2017. She's got money, doesn't qualify for a straight LTC policy (asked MoO underwriting already and got rejected)...is there a liberal annuity company with a built in LTC rider that would look at her, issue her a policy? Height/weight proportionate, no meds, would easily pass a cognitive test. Thanks in advance.
Annuity with LTC - 67 Year Old Female - Dementia
- Thread starter tylim0731
- Start date
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- #2
You might want to read this....
http://www.insurance-forums.net/for...rrested-convicted-selling-annuity-t37529.html
eersfan
Super Genius
- 200
Please explain how a person with alcohol-induced dementia would pass a cognitive test?
What you're trying to do is get some insurance company to buy an immediate claim...shame on you.
What you're trying to do is get some insurance company to buy an immediate claim...shame on you.
IMO, not a chance.
- 10,702
You cant get any type of LTC benefit on a person that has already been diagnosed with Dementia.
That is not how insurance works. You have to "get it before you got it".
That is not how insurance works. You have to "get it before you got it".
- Thread starter
- #6
Oh man. "Shame on me"? - this post was just to field out and get some advice from other professionals. This wasn't even my personal case, another agent asking about if I knew of a carrier that would even look at her. Didn't think I was going to get blasted with a comment like that. Never mind me posting anything ever again in fear of getting blasted for just inquiring.
There are deferred income annuities that will double the monthly income stream for some period time if in need of LTC care.......and some do not ask any medical questions to apply. However, someone needing care right away would likely not benefit from one of these products.....with way too much funding up front to make it feasible.
An immediate annuity will guarantee an income forever if the concern is out living the money....no medical questions there.
Else, basically SOL. You had better be working with the POA/Guardian on this one.
An immediate annuity will guarantee an income forever if the concern is out living the money....no medical questions there.
Else, basically SOL. You had better be working with the POA/Guardian on this one.
- 10,702
All of those products have exclusions for pre-existing LTC conditions. They specifically state "the LTC need must not have been present at time of contract issue".
- 11,457
A long time ago, life & annuity agents were referred to as 'field underwriters' because we were the first line of defense when it came to applications and helping insurance companies to make sound underwriting decisions.
I guess those days are long gone and replaced with "what can I get away with for my client so the insurance company would HAVE to pay"?
I guess those days are long gone and replaced with "what can I get away with for my client so the insurance company would HAVE to pay"?
I do not know what they ALL say, but that would seem to make sense.....or they would at least say that you can not execute the rider for x years after getting the plan.
Either way, I would walk away from that client.
