Life Insurance - necessary or necessary evil?

[cute fuzzy bunny]

Almost every frickin day...

Someone should tell him that accessing the board while logged in records your visit even if you dont post...

[Brat]

For those who are considering Federal LTC insurance, one of the criteria that OPM used is the insurer's record of NOT raising premiums.* (Past performance does not necessarly predict the future.)

Husband and I purchased a paid up in 10 years policy to protect from the risk of raising premiums.* Some policies have a return of premium provision (not the OPM sponsored program). *The other option is the continuing care community whose contract includes assisted living/nursing/demensia care.

Like anything else we must each consider our risks.* If you have a family history of conditions that kill relatively quickly you are at low risk of needing long term care.* Look at the population in assisted living and nursing homes... ~80% female, most of whom took care of their husbands until they passed away.* The census of senile demensia patients is not so strongly female, but their behavior is often a risk to their care-giver.* In my family it was the women who spent the most time needing care, in my mother's case 6 years (will be 90 this year).* Strong heart but brittle bones.

[bosco]

TheFed,

I don't know about your state, but when I lived in Washington state in the early 80s, I got sold a policy similar to yours by a high-pressure saleswoman (with nice, well, never mind...). After signing up for the policy, I did some research and for the same reasons that Brewer mentioned, I decided it was a bad deal.

There was a law in Washington that gave you 7 or 10 or some number of days to back out of the agreement even if you had signed and made the initial payment. I exercised this option. She got very upset at me, accused me of not loving my wife etc.

I then bought very reasonable term insurance through my professional association.

Check the laws of your state. You may not be legally obligated yet.

[brewer12345]

Originally Posted by bosco

There was a law in Washington that gave you 7 or 10 or some number of days to back out of the agreement even if you had signed and made the initial payment.* I exercised this option.* She got very upset at me, accused me of not loving my wife etc.

Wow! That's one of the worst insurance agent pressure tactics I've ever heard.

[bosco]

Originally Posted by brewer12345

Wow! That's one of the worst insurance agent pressure tactics I've ever heard.

It was pretty pitiful. Also completely the wrong approach in my case. I'd already decided to not take the policy. Resorting to those tactics only proved to me that I'd made the right decision.