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Re: LTCI

Posted by Steve Eads, CLU on November 19, 2002 at 08:25:23:

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

Mike, your advisor is "way to lean" on the daily benefit amount...my advise is for you to call 3-5 nursing homes in your own area and ask them for their daily rates for private and semi-private accomodations for private paying patients. You will then have a more realistic average for nursing home care in your are. $50 is far too little. Is your financial advisor a "fee-only" advisor or does he use financial planning as a means to sell you insurance for a commission? I'd recomend a "FEE ONLY" financial advisor. Many times agents will "low ball" you to get you to a premium THEY THINK you will buy or can afford...even if it's gonna hurt you later.

Buyer always beware,

Steve Eads, CLU
www.ltcipro.cpm
: 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.

Follow Ups:

Re: LTCI : Mike, your advisor is "way to lean" on the daily benefit amount...my advise is for you to call 3-5 nursing homes in your own area and ask them for their daily rates for private and semi-private accomodations for private paying patients. You will then have a more realistic average for nursing home care in your are. $50 is far too little. Is your financial advisor a "fee-only" advisor or does he use financial planning as a means to sell you insurance for a commission? I'd recomend a "FEE ONLY" financial advisor. Many times agents will "low ball" you to get you to a premium THEY THINK you will buy or can afford...even if it's gonna hurt you later. : Buyer always beware, : Steve Eads, CLU : www.ltcipro.cpm : : 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.

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