Can someone explain to me how Monumental's ADB is calculated using real numbers? For example, 10K DB.
From their website--
Policy death benefit that would be in-force at the end of 12 months following the acceleration date a discount of the accelerated death benefit calculated for the 12 month period using an interest rate set by the company not to exceed 8%.
Minus any outstanding loan and interest balance.
Minus any premium due for the next 12 months following the
acceleration date.
Equals Benefit Amount
It's the 1st sentence that I'm having trouble understanding.
I called them direct but they lock the doors at 1:00 on Friday and this question just came up. I've got a 79 year old client that is as interested in covering 'some' nursing home costs as she is in the death benefit. Not financially capable of even discussing LTCi.
Opinions on better options are welcome as well.
As always, thanks.
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Alrighty, I'll just wait for Monumental to answer the phone on Monday.
From their website--
Policy death benefit that would be in-force at the end of 12 months following the acceleration date a discount of the accelerated death benefit calculated for the 12 month period using an interest rate set by the company not to exceed 8%.
Minus any outstanding loan and interest balance.
Minus any premium due for the next 12 months following the
acceleration date.
Equals Benefit Amount
It's the 1st sentence that I'm having trouble understanding.
I called them direct but they lock the doors at 1:00 on Friday and this question just came up. I've got a 79 year old client that is as interested in covering 'some' nursing home costs as she is in the death benefit. Not financially capable of even discussing LTCi.
Opinions on better options are welcome as well.
As always, thanks.
- - - - - - - - - - - - - - - - - -
Alrighty, I'll just wait for Monumental to answer the phone on Monday.
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