Annuity with LTC - 67 Year Old Female - Dementia

Discussion in 'Annuities Forum' started by tylim0731, Aug 30, 2017.

  1. tylim0731
    Offline

    tylim0731 New Member

    Posts:
    5
    Likes Received:
    0
    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.
     
  2. STIBROKER
    Offline

    STIBROKER The Guy that GREENSKY can't not put on ignore. Moderator

    Posts:
    10,023
    Likes Received:
    36
    State:
    Texas
    You might want to read this....

    http://www.insurance-forums.net/for...rrested-convicted-selling-annuity-t37529.html
     
  3. eersfan
    Offline

    eersfan Expert

    Posts:
    87
    Likes Received:
    5
    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.
     
  4. pfg1
    Offline

    pfg1 Guru

    Posts:
    1,080
    Likes Received:
    1
    State:
    Virginia
    IMO, not a chance.
     
  5. scagnt83
    Online

    scagnt83 Worldwide Expert of Everything

    Posts:
    6,555
    Likes Received:
    39
    State:
    South Carolina
    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".
     
  6. tylim0731
    Offline

    tylim0731 New Member

    Posts:
    5
    Likes Received:
    0
    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.
     
  7. yankee466
    Offline

    yankee466 Guru

    Posts:
    617
    Likes Received:
    6
    State:
    Georgia
    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.
     
  8. scagnt83
    Online

    scagnt83 Worldwide Expert of Everything

    Posts:
    6,555
    Likes Received:
    39
    State:
    South Carolina
    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".
     
  9. DHK
    Offline

    DHK I Am Not Your Guru

    Posts:
    6,181
    Likes Received:
    93
    State:
    California
    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"?
     
  10. yankee466
    Offline

    yankee466 Guru

    Posts:
    617
    Likes Received:
    6
    State:
    Georgia
    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.
     
Loading...

Share This Page