NY Life Rate Increase

[fueldude]

The NYL Select Premier policy is an excellent LTC policy and its pricing for younger applicants was ridiculously low.

Wholeheartedly agree. I thought it was too low when we bought originally.

We have Unlimited benefit and 5% compounding. Initial rate was $9xx something per year and it is going to around $1400

If we scrap the 5% compounding for 6% simple, it cuts the premium to less than $900 per year. Obviously the 800lb gorilla is the benefit growth.

 

[scagnt83]

Wholeheartedly agree. I thought it was too low when we bought originally.

We have Unlimited benefit and 5% compounding. Initial rate was $9xx something per year and it is going to around $1400

If we scrap the 5% compounding for 6% simple, it cuts the premium to less than $900 per year. Obviously the 800lb gorilla is the benefit growth.

See if they will let you change to a 4% compound instead. Or lower the benefit period down to 10 or 12 years. The price might still go up a bit but not as much.

 

[ltcadviser]

Wholeheartedly agree. I thought it was too low when we bought originally.

We have Unlimited benefit and 5% compounding. Initial rate was $9xx something per year and it is going to around $1400

If we scrap the 5% compounding for 6% simple, it cuts the premium to less than $900 per year. Obviously the 800lb gorilla is the benefit growth.

Do not change a thing. Pay the difference in premium. It is negligible. Never buy simple inflation if you are young, and my gut instinct is you are young.

 

[fueldude]

Do not change a thing. Pay the difference in premium. It is negligible. Never buy simple inflation if you are young, and my gut instinct is you are young.

We are t changing a thing. Just wanted to give some data points for others.

My attained age was 25 and here was 27. We're in it for the long haul.

My wife had a bad experience with having to care for multiple grandparents when her family wouldn't step up to the plate. Was the first and only policies she's ever begged me to buy-- she didn't want what happened to her to happen to anyone else.

 

[ltcadviser]

Fueldude, I commend you on your foresight. I just delivered a NYL policy to a 26 year old this week. If you always retain 5% compounding your benefits will be quite valuable in 50 years.