Join Early Retirement Today
Thread Tools Search this Thread Display Modes
long term care insurance
Old 05-11-2008, 01:48 PM   #1
gone traveling
Join Date: Mar 2007
Posts: 559
long term care insurance

I'm relatively new to this site and have been reading old posts.

My wife and i bought LTC policies in our early 5 years ago.

we were 57/52 respectively. I am not going to shill for them-i obviously
thought they were necessary.

just some words of advice from someone who researched plenty.

1. buy from a company that has been in it a long time and is big.
price means nothing if it goes out of business.
( we purchased GE(now genworth). with careful research you will find
the other Big long term players.)

2. price in future is important reason -but- almost as important is ability
to qualify- they don't have to take. future medical problems may make
it impossible to qualify -even if your willing to pay the price.

remember- research,research research


gerrym51 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-11-2008, 01:56 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 6,079
Hey gerry,

Welcome here.

I long ago decided to self-insure on this risk. There are many folks her that disagree with me and believe that a LTC policy is a sane way to cover this kind of risk. Hope this does not become another thread of LTC vs non-LTC thinking.

Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 05-18-2008, 12:23 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 6,121
My parents had a legacy GE policy and used it.

What you say about insurability, the need to research the company and the product is correct. We purchased ours at about the same age as you.

The forum has several LTC threads hashing out whether or not to buy the product so, Members, read those first.
Duck bjorn.
Brat is offline   Reply With Quote
Old 05-18-2008, 03:23 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
We have policies through DW megacorp... purchased several years back with an inflation protection component. Our cost is about 25% of an individual purchase.

In our situation, the policy was a no brainer. I will not quote the cost here... but both of our policies are less than 6 months of full coverage car insurance (2 cars) and we both have good driving records and live in a lower cost area of the nation.

I felt we could not pass it up. We have a company that is long-term player in the market.

We could self insure... and afford it. But the LTC enables us to sell of that risk... Hopefully we do not need it.

Part of the issue is actually spending your resources if an event happens. I watched my mother (when my father became ill), she was reluctant to spend the money out of fear. That impacted her quality of life.

If something happened (today or in the future), to me or DW, we have the resources from the policy to cover care costs.
chinaco is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
More on long term care insurance.... ziggy29 Health and Early Retirement 25 01-30-2008 12:36 PM
Long Term Care Insurance udenmkh Hi, I am... 1 10-19-2007 07:13 AM
Long Term Care Insurance Dawg52 FIRE and Money 44 10-18-2007 09:31 PM
Long Term Care Insurance stephenandrew Young Dreamers 11 08-13-2007 05:17 AM
Long Term Care Insurance LTCI Rustic23 Life after FIRE 6 05-13-2006 11:32 AM

» Quick Links

All times are GMT -6. The time now is 12:50 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.