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re: Long term care insurnace policies
Posted on 1/19/24 at 7:07 am to slackster
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.
1
Posted on 1/19/24 at 11:05 am to Shepherd88
Does GVUL premium not start off MUCH higher than a traditional LTC premium? Sure, maybe with age the traditional premium increases above the GVUL cost but I'm assuming you are front loading GVUL much MUCH more?
ETA: If you can afford to max out your retirement at $50k+ a year, I don't see how these are good policies to then put your money into outside of simple comfort and additional investment? In other words, you'll already most likely have plenty of money to pay for this to where it shouldn't be a major concern.
ETA: If you can afford to max out your retirement at $50k+ a year, I don't see how these are good policies to then put your money into outside of simple comfort and additional investment? In other words, you'll already most likely have plenty of money to pay for this to where it shouldn't be a major concern.
This post was edited on 1/19/24 at 11:08 am
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