I am meeting with an agent today that is selling LTC insurance. I really have enough assets to self-insure but I wanted to learn more about this. What sort of questions do people on this forum recommend I ask this agent.
I would also make sure they show you in print the answers to these questions. In my one experience with one of these salesmen they really didn't seem to have solid answers, just a script, and scripted answers. Great questions from Panda, just get the official contractual answer.I am by no means an expert, but here are a couple of thoughts (in no particular order)...
1. Is there a waiting period before benefits start? If so, how long?
2. What is benefit?
3. How long can the benefit be paid? (1 year, 2 years, as long as needed?)
4. Can the benefit only be paid to a long term care facility? (In our case, the benefit can be used to pay caregivers so person can remain at home, including a family member acting as a caregiver)
5. Is there a limit on how premiums can rise?
6. How long has the company been in the LTC industry?
I'm sure there are many more, but it's a start.
Panda
I am meeting with an agent today that is selling LTC insurance. I really have enough assets to self-insure but I wanted to learn more about this. What sort of questions do people on this forum recommend I ask this agent.
Given that, what are the odds that the company would still be around and paying benefits in 30, 40 years...what happens to your policy if they become insolvent or simply get out of the business.
I'm rolling the dice and self insuring. My family history (on both sides) were either sudden or fairly quick deaths. I'd rather buy cruises than LTC policies.
+1I would also make sure they show you in print the answers to these questions. In my one experience with one of these salesmen they really didn't seem to have solid answers, just a script, and scripted answers. Great questions from Panda, just get the official contractual answer.
most who say they are self insuring are really not. they just coast along as is and hope they don't have to actually sell assets.
finally we got approval yesterday for our long term care policies..
+1
and make sure that that is what the policy actually says. What a salesman
said or didn't say will not matter 30 yrs from now, what is in the policy will.
I was under the impression that there is no such think as a policy that
does not have the premiums go up? and that is one of the main reasons
LTC is a waste
Does not your home and auto insurance go up over time?
I wouldn't say it is a waste.
in fact 77% of us will need in home care at some point . what do you think home insurance would cost with a 77% chance we would all file claims.