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re: Long term care insurnace policies
Posted on 1/18/24 at 9:36 pm to Shepherd88
Posted on 1/18/24 at 9:36 pm to Shepherd88
quote:
Prefer a GVUL chassis over a WL w/ a chronic care rider but either is better than a traditional LTC policy.
Couldn’t disagree more (with the traditional LTC policy dig). If you’re worried about LTC, traditional LTC policies are the best bang for your buck as far as premium to LTC coverage is concerned.
Granted, I get the idea of concerns about use it or lose it, but if you’re strictly judging by actuarial costs, traditional LTC is the way to go. There is a reason there are very few traditional LTC policies still available outside of age worth. Companies have gotten out because of the tail risk.
1
Posted on 1/19/24 at 7:07 am to slackster
Traditional LTC policy will increase in premium and likely get to a point where it’s unaffordable right before the clients needs it. I’ve seen it time and time and time again.
GVUL is more expensive bc it’s combining LTC and life insurance so yes it’s guaranteed to be used one way or the other. The premium is locked in and will not increase. Matter of fact you can even do a 10 pay or 20 pay with it, so for those clients in their 60’s it can likely make sense to take 1-2% of their portfolio and reposition it each year to pay for the premium.
GVUL is more expensive bc it’s combining LTC and life insurance so yes it’s guaranteed to be used one way or the other. The premium is locked in and will not increase. Matter of fact you can even do a 10 pay or 20 pay with it, so for those clients in their 60’s it can likely make sense to take 1-2% of their portfolio and reposition it each year to pay for the premium.
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