Ichiban
Expert
- 62
This is Investors Insurance Corporation
Investors Insurance Corporation
It is very similar to the John Hancock product that someone mentioned above but with better payout factors and it comes on fixed or indexed annuities.
Selling LTC...
- Thread starter James
- Start date
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- Tags
- long term care
This is Investors Insurance Corporation
Investors Insurance Corporation
It is very similar to the John Hancock product that someone mentioned above but with better payout factors and it comes on fixed or indexed annuities.
DUDE
Expert
- 26
HE HURT MY FEELINGS ON THE 59 YEAR OLD THING BUT THE LIFE OF ME I CANT REMEMBER WHY....
- 235
I have an aunt, 74 yrs old, non smoker, very good health, $3700 monthly income from pension, social security, annuities approx $13k in checking, $300k in good annuities, health care provided.....DOES SHE NEED REALLY LTC? WHY, WHAT DO YOU RECOMMEND AND WITH WHOM AND WHAT DO YOU THINK THE AVG MONTHLY COST WOULD BE?
Mike,
Nobody needs long term care insurance, especially a single person. If she was married and her husband was dependent upon her assets and income, then, it would be vitally important for her (probably both) to have LTCi.
However, since she is single, if she needs care, she can just use her savings and pay for the care. When her money runs out, she can go on Medicaid.
The real question is:
a) Is it important for her to protect the assets for heirs or charity? If so, she should probably get a policy.
b) Secondly, the $300,000 of assets could probably pay for a few years of care. If she wants to have total control over where she receives care (especially if she wants to avoid long term nursing home care), then that's a 2nd reason to own LTCi.
Scott A Olson
Nobody needs long term care insurance, especially a single person. If she was married and her husband was dependent upon her assets and income, then, it would be vitally important for her (probably both) to have LTCi.
However, since she is single, if she needs care, she can just use her savings and pay for the care. When her money runs out, she can go on Medicaid.
The real question is:
a) Is it important for her to protect the assets for heirs or charity? If so, she should probably get a policy.
b) Secondly, the $300,000 of assets could probably pay for a few years of care. If she wants to have total control over where she receives care (especially if she wants to avoid long term nursing home care), then that's a 2nd reason to own LTCi.
Scott A Olson
Go on Medicaid and not be eligible for home care and end up in a Medicaid facility with second rate care. I guess if that is what she wants, but why do that if you can afford to buy LTCi or if she has money sitting around buy a UL/LTC combo product?
Nobody should ever aspire to be on Medicaid...
- 235
wat is a UL/LTC how does it work in her benefit and wat would it cost from wat company
I was referring to a Universal Life policy with a LTC rider. For someone at that age with a single premium of $50,000 you could buy a policy with an initial specified amount of $60,000 and a 4 year LTC benefit of $120,000 ($2,500 monthly) at Standard non-smoker rates. The ideal way so you don't have to come up with an additional $50,000 is if she has a current policy do a 1035 exchange.
Or you could buy a traditional LTC policy with a $2,500 monthly benefit and total benefit of $250,000 for somewhere in the neighborhood of $350 a month (standard rates)
Depends on your state but MoO, Transamerica, Genworth, Hancock and MedAmerica all have stand alone plans. Lincoln still offers Moneyguard (and Genworth, OneAmerica and PacLife offer similar products). A number of annuities have enhanced riders for LTC as well...
