FE and Medi-Cal

[PhxSunsFan]

with AIG, the carrier I selected... they say for GI with AIG the owner must be the insured. as well..

 

[shonceman]

with AIG, the carrier I selected... they say for GI with AIG the owner must be the insured. as well..

That's correct. For that product, they don't allow owners other than the insured. Other companies will allow it.

 

[WinoBlues]

with AIG, the carrier I selected... they say for GI with AIG the owner must be the insured. as well..

Correct. For me - that is a nonstarter with them. The majority of my GI is owned by someone else. for a variety of reasons.

 

[WinoBlues]

Make someone else (who's not in the nursing home) the owner of the policy. Son, daughter, etc.

Who is not, or likely to be, on aid.

 

[rousemark]

with AIG, the carrier I selected... they say for GI with AIG the owner must be the insured. as well..

If you make the resident the owner, it will be many years before the thing has enough cash value to affect anything. Issue it with the insured as the owner and then change the ownership to someone else (the company cannot prevent you from doing that after it is issued) ... The policy assets will be subject to the 5 year lookback at death but since there is no cash value, it won't affect anything.

 

[WinoBlues]

(the company cannot prevent you from doing that after it is issued)

I would verify that with the company first.

I want to say AIG is a no go.
Also Foresters, before I dropped them, told me I could not change to a non relative. _They said_ it was a Fraternal rule not their's. However, they were not the most reliable with accuracy.

 

[rousemark]

I would verify that with the company first.

I want to say AIG is a no go.
Also Foresters, before I dropped them, told me I could not change to a non relative. _They said_ it was a Fraternal rule not their's. However, they were not the most reliable with accuracy.

If you own the policy (you don't in case of a fraternal), it is yours and you can do what you want with it as long as it is not prohibited by law.

 

[WinoBlues]

If you own the policy (you don't in case of a fraternal), it is yours and you can do what you want with it as long as it is not prohibited by law.

Fight, Fight, Fight

 

[inreverse]

Which final expense carriers offer a free funeral trust to make it irrevocable and eligible for Medi -Cal or Medicaid as $15,000 is the limit in some states? Preneed insurance always has that option.

 

[inreverse]

Greek Catholic Union, KSKJ for some states, for starters