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Re: LTCI

Posted by DPoe on November 18, 2002 at 11:33:24:

In Reply to: LTCI posted by Mike A on November 17, 2002 at 22:59:16:

: My wife and I are in our mid 50s and are considering buying a LTCI policy to supplement our other incomes in case we ever need LTC. Our financial advisor has come up with a plan from Lincoln Life (Allstate) with a daily benefit of $50, no lifetime maximum, 90 day wait, home care same as nursing home and benefit compounding of 5% every year. We can go a 10 pay also or pay monthly/yearly. Premium for both of us is about $100, or $215 per month for the 10 pay. Does this sound reasonable? Thoughts comments? Thanks.

Mike,
Congratulations on including LTCi as part of your financial plan.Assuming your financial planner is correct in advising on $50 per day in benefits you need to shop with a competent LTC agent in your area. The premiums you listed seem a little high if I assume you're in excellent health and are 55 years of age. The only way to be sure is to work with an independent agent in your area who can do the shopping for you.
Take care,
David

Follow Ups:

Re: LTCI : : My wife and I are in our mid 50s and are considering buying a LTCI policy to supplement our other incomes in case we ever need LTC. Our financial advisor has come up with a plan from Lincoln Life (Allstate) with a daily benefit of $50, no lifetime maximum, 90 day wait, home care same as nursing home and benefit compounding of 5% every year. We can go a 10 pay also or pay monthly/yearly. Premium for both of us is about $100, or $215 per month for the 10 pay. Does this sound reasonable? Thoughts comments? Thanks. : Mike, : Congratulations on including LTCi as part of your financial plan.Assuming your financial planner is correct in advising on $50 per day in benefits you need to shop with a competent LTC agent in your area. The premiums you listed seem a little high if I assume you're in excellent health and are 55 years of age. The only way to be sure is to work with an independent agent in your area who can do the shopping for you. : Take care, : David

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