For Every Bad Article, There's A Good One

[supersupps]

When you get a ltc policy, not that you will ever need it., you protect your wife and family because they and you dont want you in a nursing home.. you want to remain in the community. A ltc policy will allow your spouse and kids to supervise your care and keep you in the community and you can rest well that your assests are kept in place for your wife and kids to continue their lifestyle and you can know that your retirement money can be used for the things you wanted them for, like college for your grandkids.. etc..

 

[ltcadviser]

Personally, I don't see a downside to the insurance if one buys it for the purpose intended. I bought my wife a policy when she was in her 30's and it made sense because I got a 40% discount on both of our policies. It ticks me off a little that the difference in our policies is not that much as I am in my early 50's, but at least I know I am covered and she will be covered too as we will be paid up at 10 years. Even with an annual pay, I one has a spousal rider where the policies are paid off if no one uses benefits after 10 years when one dies the other's policy is paid off. That is a good deal to me.

I have 5% inflation protection, if the cost of care increases more than the inflation protection there is nothing I can about that. However, my thinking is at least I have something as opposed to nothing. So if the cost of care in a nursing home for a year is $70,000 a year today and in 15 years it's $140,000 and my policy would only give me $120,000 that's fine, because if I had no policy I'd would either not able to be in a nursing home or or I'd be trying to pay for all of the expenses for that nursing home.

If one can afford LTCi then I believe they should buy it.

With 10 Pays, the younger the insured the higher the 10 Pay multiple factor. This is why your premiums do not appear different even though you are older. Genworth is giving up the opportunity to raise each if your rates over 30-40 years maybe. And it is guaranteed to grow your benefits by 5% compound over 30-40 years. You should not be ticked off at all. Quite the opposite. Just need to understand how age of applicants works with long term care insurance, as well as with 10 Pays.