Global Atlantic Forecare

Dec 12, 2018

  1. CottonFarm
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    CottonFarm New Member

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    I'm looking into insurance for long term care. Due to chronic back issues and medication, I'm told that I won't qualify for insurance. I'm 68 years old. Recently someone told me that Global Atlantic only has a few application questions and I can either double or triple my money to be used for long term care expense. Furthermore, If I don't use it, my premium will be returned to my family as a death benefit. Can anyone help in providing the good and bad to this option? Thank you in advance.
     
  2. Allen Trent
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    Allen Trent Guru

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    I believe it is actually a Fixed Annuity issued by Forethought & it could be decent option for you if you cannot qualify for LTC insurance, etc & could qualify for it. However, I believe there is more than just a few application questions along with a prescription check being run across the databases. I believe there is 70-75 questions. Here is a link to the 6 page application & attached is an image explaining the process: https://www.adams-moore.com/Forecare/Step1_MedQuest_HIPAA.pdf

    While I don't know if "YES" questions automatically disqualify you, it appears you would have to answer YES to #2 about being declined for LTC & on Question #5 you would have to answer YES in regard to chronic back issues.

    Forecare.JPG
     
  3. ltcadviser
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    ltcadviser Guru

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    The OP never said he was formally declined. He said he was verbally told he could not qualify. Not the same thing.

    The OP also never said he is on narcotics. So you can’t assume he has to answer yes to Question 5 either. The OP might not be using narcotics.

    The OP could very possibly qualify for ForeCare. I have gotten a number of my clients approved for ForeCare.
     
  4. Allen Trent
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    Allen Trent Guru

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    good point. I read too quickly on my phone about no formal decline. my bad

    Again, my bad. read to quickly & merely perused the questions & merely saw the starting of the "spinal stenosis" question, not even reading that line to the end about narcotics. Being a person with 6 levels of cervical & lumbar spinal problems, I assumed some form of narcotic had been used or prescribed at some time when he mentioned "medication"

    my point of responding to him was that there was more than a few questions as he was led to believe.
     
  5. CottonFarm
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    CottonFarm New Member

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    Thank you both your taking the time to respond with your helpful insight. Can you also help offer suggestions if doing an annuity is a good financial decision. Am I better off keeping my money invested in my portfolio and let it grow to self fund the future need?

    Thank you again.
     
  6. Allen Trent
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    Allen Trent Guru

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    I don't sell this product, so I have no reason to tell you to buy it. however, if you can indeed qualify & it can add 2 or 3x its account value to be available for nursing home/LTC costs, I would suggest you look at it further. If you have the funds to buy this product without needing to live off the current interest, I don't know how your overall portfolio could guarantee to have 2 or 3x the value for LTC expenses.

    Especially if you have portions of your overall money in lower risk items like bank savings, CDs, money market or bonds. Those are never going to double or triple in value regardless, so they wouldn't have the ability to do much toward helping to pay for LTC expenses other than merely depleting the existing accounts.

    Worth more research on your part for sure
     
  7. ltcadviser
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    ltcadviser Guru

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    If you can health qualify for ForeCare at its 3x multiplier, or (even better) the OneAmerica Annuity Care II policy and include its 5% compound inflation factor then it is absolutely a better option than self insuring. You can call me at (800) 891-5824 to further discuss if you wish.
     
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