https://www.investopedia.com/oxford-life-insurance-review-5195666Compared to the kinds of things you guys talk about, this is like buying bubble gum at the dime store. All I can do is try to do the best I can for my family with what I have to work with.
It is an Oxford Prosperity Select with a face of $60K. The only reason the insured would agree to the policy was because of the presence of the Nursing Home and Critical Illness riders. (There is also a terminal illness benefit covered in the body of the policy.)
It is my expectation that at some point in the future the insured will receive a full $45,000 in advance benefits under one of those riders. It is my hope that the remaining $15,000 DB and associated cash value will survive any Medicaid spenddown requirements.
The riders do not read like the information you provided. Upon rereading the policy, I do have some confusion about whether the settlements under the riders are monthly payments up to the 75% maximum or whether they are limited to one payment of $4,000 or $2,000 respectively. If it's just one payment, or if your mortality computations apply, the costs of my insurance education just went up significantly.
It looks like they have some flexibility here...
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