What Would You Suggest?

Discussion in 'Long Term Care Insurance Forum' started by bluemarlin08, Mar 28, 2017.

  1. bluemarlin08
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    bluemarlin08 Well-Known Member

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    The facts:
    Male 73, type 2 diabetic taking metformin
    No heart issues other than 2 blood pressure meds
    Had past history of epilepsy, last seizure 3 years ago previous 10 years ago
    6'2' 230
    Substantial wealth
    67 year old wife has MS and he is her care provider
    Tennessee resident
     
  2. Mr_Ed
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    Mr_Ed Well-Known Member

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    if he's had diabetes for less than 20 years, mutual of omaha.
    if over 20 years, transam.
     
  3. ltcadviser
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    ltcadviser Well-Known Member

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    With substantial wealth, you could also consider a single premium asset based policy with Lifetime LTC benefits such as State Life Asset Care. Many of our high net worth clients buy Asset Care. Otherwise Scott's suggestion of Mutual of Omaha if < 20 years of diabetes treatment is on point.
     
  4. Mr_Ed
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    Mr_Ed Well-Known Member

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    I didn't list any kind of AssetCare because the mortality expenses will be really high since his wife won't be on the policy with him.
     
  5. bluemarlin08
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    bluemarlin08 Well-Known Member

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    Type 2 diabetic diagnosis 7 years ago. With the type 2 and epilepsy history, can he pass underwriting? I prefer stand alone LTC if he can get it.
     
  6. ltcadviser
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    ltcadviser Well-Known Member

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    Well, just depends what the client's focus and objectives are. LTC planning is simply presenting options that can satisfy the client's objectives.

    HNW clients have the resources to move in any direction they prefer.

    An Omaha traditional policy should be in the conversation.
     
  7. bluemarlin08
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    bluemarlin08 Well-Known Member

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    I really appreciate both of you guys advice. I am obtaining his medical records to discuss with the companies we like and get a feel for what would be available. If we could obtain a straight LTC policy for him, would it make sense to combine an indemnity policy that could be used to offset costs for his wife, if he needs care she will as well.
     
  8. Mr_Ed
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    Mr_Ed Well-Known Member

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    that is an option on the moo policy.
    not a bad option.
    not a great option.
    it's not cheap.
     
  9. ltcadviser
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    ltcadviser Well-Known Member

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    Yeah, having the stars align to benefit from the Spousal Security rider is somewhat of a longshot. I have never opted for it.

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    Should be insurable. MOO could rate him Class 1 and limit him to $5000 monthly benefit. But he could be approved by MOO at Select rates with no limitations. It would be the place to begin if you prefer traditional LTC. The single premium State Life Annuity Care II with 5% compound inflation protection could be interesting option. Or State Life Asset Care with 4% enhanced LTC acceleration factor with Lifetime benefit period rider.
     
  10. Mr_Ed
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    Mr_Ed Well-Known Member

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    good point.
    annuitycare2 is probably a better option here than the assetcare1 because there are no mortality expenses.
     
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