LTC with ROP

[Mr_Ed]

If you look at it as a transfer of assets from a 1-2% CD into a life insurance policy, then it's not really an expense. Being treated as a life insurance policy means the heirs receive a death benefit which is more than the premium itself.

I see both sides to this, but find it hard to do an apples to apples comparison since they are different products.

I wish I was more of an LTC expert and might find myself moving in this direction once health and Medicare sales become ancient history.

Rick

The problem with the way the MG product is usually sold is that it rarely includes an inflation benefit.

So, you've got a product with "so so" long-term care benefits and so-so death benefits.

It's great for people who like beige.


I say "so so" death benefits because the death benefit is reduced if they make a long-term care claim on the policy before they die.


For about the same premium, you could get much better LTCi benefits (with a single pay LTCi policy) AND a single-pay whole life policy that would NOT be diminished if they made a claim on the LTCi policy.

 

[GreenSky]

The problem with the way the MG product is usually sold is that it rarely includes an inflation benefit.

So, you've got a product with "so so" long-term care benefits and so-so death benefits.

It's great for people who like beige.


I say "so so" death benefits because the death benefit is reduced if they make a long-term care claim on the policy before they die.


For about the same premium, you could get much better LTCi benefits (with a single pay LTCi policy) AND a single-pay whole life policy that would NOT be diminished if they made a claim on the LTCi policy.

Thanks for the explanation. Appreciate your response.

Rick

 

[Franz Kafka]

Ugh .. not a single mention of underwriting .. MG saved quite a few LTC cases for me.

 

[souldeux]

ALZ stopped selling LTCi about a year ago.

Other companies that offer the ROP rider in its various forms are:

Assurity, Genworth, Medamerica, Met Life, Prudential, Transamerica, and others.

For about half the cost of the Money Guard policy, they can usually get a single pay LTCi policy, with much better LTC benefits AND a refund of premium rider.

Oh wow, you're right. I apologize. I noticed they had renewed the copyright on the product name and didn't even both to check if it was still in existence. My mistake.

 

[Mr_Ed]

Ugh .. not a single mention of underwriting .. MG saved quite a few LTC cases for me.

MG isn't always more lenient than traditional LTCi.

In fact, there are many situations where someone can't qualify for the MG product, but can qualify for a traditional LTCi product.

 

[hardwork]

I have not used "ROP" in a few years, only because my company of choice does not offer it any longer.
It added about 40% to the premium,is this still the case?
They would get 80% of there money every ten yr's ( minus claims)
Never had any one cancel, and they were some nice checks to deliver !

 

[jb60]

For about the same premium, you could get much better LTCi benefits (with a single pay LTCi policy) AND a single-pay whole life policy that would NOT be diminished if they made a claim on the LTCi policy.

NADM: Can you tell me which carrier(s) offer this kind of LTCi product in CA??