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Whole life with LTC rider, yikes!
Old 04-20-2021, 04:35 PM   #1
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Whole life with LTC rider, yikes!

Hello everyone,

After reading the threads about LTC on this board, I spoke to a few insurance agents about LTC and whole life insurance w/ LTC rider option. I knew they would be expensive, but wow!

Iím 48 and DH is 52, non smokers, and average health, and I was looking at 500k policy which would cover up to 5 years of LTC. The cheapest quote I received was $1200 per month for the two of us. Obviously this may change based on medical exams, we may get declined for all we know. But wow, how do people afford LTC insurance??
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Old 04-20-2021, 04:41 PM   #2
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Not a fan of whole life at all and at your ages it is way too young to consider LTC IMHO.
Put 1200/month in an index fund for the next 20-30 years and you'll have a big pile to self insure with.
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Old 04-20-2021, 05:12 PM   #3
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Quote:
Originally Posted by Popsicletoes View Post
Hello everyone,

After reading the threads about LTC on this board, I spoke to a few insurance agents about LTC and whole life insurance w/ LTC rider option. I knew they would be expensive, but wow!

Iím 48 and DH is 52, non smokers, and average health, and I was looking at 500k policy which would cover up to 5 years of LTC. The cheapest quote I received was $1200 per month for the two of us. Obviously this may change based on medical exams, we may get declined for all we know. But wow, how do people afford LTC insurance??
Have you priced whole life insurance equal to desired benefit? First to die policy?

I would rather own life is insurance (known cost, sure to pay off) than LTC (unknown cost, good chance you will never need).

But to respond to your question, I self-insure.
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Old 04-20-2021, 05:39 PM   #4
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If you think LTC is expensive now, wait until you see how much the premiums increase each year after you sign up. And after you dump a whole pile of money into it, you may never collect. The qualifications for being eligible are murky and subjective. There are many threads here about a person being denied coverage because they don't meet the requirements, even though they really can't take care of themselves.
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