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Started By
Message
re: Long term care insurnace policies
Posted on 1/13/24 at 2:17 pm to BamaCoaster
Posted on 1/13/24 at 2:17 pm to BamaCoaster
quote:
It’s expensive.
Best to get a WL policy (whole life) with LTC rider.
I would love the down voters give their reason why this is bad idea.
3
Posted on 1/16/24 at 9:16 am to La Place Mike
quote:
It’s expensive.
Best to get a WL policy (whole life) with LTC rider.
I would love the down voters give their reason why this is bad idea.
It's not for everyone. I am self employed, max out tax deferred investments. I also have a whole life policy with riders for short term disability, long term disability, cancer diagnosis, and LTC. It's a numbers game, especially for self employed.
I took the cost of term life, short term, long term disability, and compared it. Actually worked on it for about a month. I don't want to say it was a wash, that's unknowable. But I can tell you it's not the terrible investment that they tell you it is IF you take all the coverages it provides in to account. If I out live it I can cash out tax free.
If you aren't self employed and work for a company that provides these types of benefits, that would probably work better.
Posted on 1/16/24 at 10:41 am to La Place Mike
quote:
I would love the down voters give their reason why this is bad idea.
Well, I have a current Life Insurance License in Texas and Louisiana and anyone talking about a WL police while young is simply just miss-informed.
For the same monthly rate, if you invested it in anything reasonable, it would be far greater in 10, 20, & 30. No question.
And for those that say "it also pays you if you die" so does a term policy for $20/month.
The only WL policies that make ANY sense are Final Expense policies for those elderly that want something separate to pay for funerals in the near term. Or some extreme estate planning purposes for estate taxes. However, there are many ways to skin those cats as well.
Simply put, LIFE INSURANCE is a transfer of risk. Its not an investment. IF you approach it as such and find a policy thats checks off your risk assessment needs, good, no problem. However being an investment should not be a major factor. Muddy'ing thye two is just not economical when compared to other financial instruments. Just my 2 cents....
This post was edited on 1/16/24 at 10:52 am
Posted on 1/18/24 at 9:33 pm to La Place Mike
quote:
I would love the down voters give their reason why this is bad idea.
It’s insurance. It is inherently a bad idea on average if you can afford to self insure. The companies don’t offer you a “good deal” or else they wouldn’t be in business.
Source: someone who sells policies with LTC/terminal illness riders.
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