Jack_Pine
Full time employment: Posting here.
- Joined
- Apr 18, 2013
- Messages
- 834
We were presented with some options for an LTC approach. Traditional LTC, One that is like an annuity and one that is a Universal Life policy with a "life Access" rider. The last one form Hartford seems interesting (I think).
To summarize:
1. It is a 750k life insurance policy
2. At anytime if you meet 2 of 5 conditions determined by a HC provider you can start drawing up to 15k per month and use it for anything. (in home, travel for assistance...your call)
3. Once you start drawing the monthly premiums stop.
4. What ever you draw reduces the payout for the death benefit.
I think the premiums are expensive (like 13k for me) so take that times two. You can reduce the 150k death benefit which would reduce the monthly payout and the premiums.
This seems a little interesting and goes more in the direction of a catastrophic type deal (kind of). We don't really need the life insurance part but guess that would allow us to draw more principle knowing that was out there for the surviving spouse, to some degree.
The LTC policy was half the cost but monthly coverage graduates over time (starts at 5k/month and goes to 18k in 40 years), only lasts for 4 years and premiums will rise
Anybody look at one of these, thoughts
To summarize:
1. It is a 750k life insurance policy
2. At anytime if you meet 2 of 5 conditions determined by a HC provider you can start drawing up to 15k per month and use it for anything. (in home, travel for assistance...your call)
3. Once you start drawing the monthly premiums stop.
4. What ever you draw reduces the payout for the death benefit.
I think the premiums are expensive (like 13k for me) so take that times two. You can reduce the 150k death benefit which would reduce the monthly payout and the premiums.
This seems a little interesting and goes more in the direction of a catastrophic type deal (kind of). We don't really need the life insurance part but guess that would allow us to draw more principle knowing that was out there for the surviving spouse, to some degree.
The LTC policy was half the cost but monthly coverage graduates over time (starts at 5k/month and goes to 18k in 40 years), only lasts for 4 years and premiums will rise
Anybody look at one of these, thoughts