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re: Long term care insurnace policies
Posted on 1/19/24 at 3:11 pm to Shepherd88
Posted on 1/19/24 at 3:11 pm to Shepherd88
Where does a LTC rider come into play? Can you not do this with any sort of Whole life or VUL policy?
ETA: And yes, you are loaning money from yourself.
ETA2: Do you have a realistic average policy cost for someone that is 60+? Not just $12k? I'm assuming this is more like $15-20k? On average?
Lets not forget, that is for each person. So for a couple that's $24-40k a year?
ETA: And yes, you are loaning money from yourself.
ETA2: Do you have a realistic average policy cost for someone that is 60+? Not just $12k? I'm assuming this is more like $15-20k? On average?
Lets not forget, that is for each person. So for a couple that's $24-40k a year?
This post was edited on 1/19/24 at 3:19 pm
1
Posted on 1/19/24 at 3:35 pm to baldona
The rider is added to the policy. You are paying for the rider so no it’s not a loan. You cannot retroactively add this rider to an already inforce policy.
You’re probably accurate assuming age and for a couple’s premium, yet you’re still looking at 15-20 years of premiums to break even assuming 6% growth to eclipse the death benefit and given it’s a VUL chassis, once the cash value exceeds the DB then both will continue to grow above what was originally assumed.
Likely correct for a couples policy yet they would each have their own policy with their own death benefit. I’ll add that these goals and cost (for our sake) are run through moneyguide to assume probability and assumption of risk to insure it makes sense.
You’re probably accurate assuming age and for a couple’s premium, yet you’re still looking at 15-20 years of premiums to break even assuming 6% growth to eclipse the death benefit and given it’s a VUL chassis, once the cash value exceeds the DB then both will continue to grow above what was originally assumed.
Likely correct for a couples policy yet they would each have their own policy with their own death benefit. I’ll add that these goals and cost (for our sake) are run through moneyguide to assume probability and assumption of risk to insure it makes sense.
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