Author Topic: The value of kids - when parents grow old.  (Read 5729 times)

Offline ADG

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Re: The value of kids - when parents grow old.
« Reply #30 on: September 04, 2018, 05:14:21 PM »
Where do you get that information from?

Get your facts right.

Ill admit I dont remember the name of the company or the exact percentage but I remember that is was substantial. Essentailly squeezing the policy owner to take less now. But please, do tell which company will offer 100% for a LTC?

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Re: The value of kids - when parents grow old.
« Reply #31 on: September 04, 2018, 05:45:18 PM »
Ill admit I dont remember the name of the company or the exact percentage but I remember that is was substantial. Essentailly squeezing the policy owner to take less now. But please, do tell which company will offer 100% for a LTC?

It's not about offering 100% for LTC, it's about getting dollar for dollar reduction of the death benefit if used for LTC.  You can get a $3,000,000 Whole Life policy and select how much of that (up to a certain maximum) would be available for LTC.  That amount could be as low as $90,000 (IINM) or as high as $2,500,000 (not in every state).

What you might be referring to is Guardian's EABR rider, which ISN'T a long-term-care rider, but rather a NO-COST rider that allows one to take LOANS in excess of the cash value in case of a long-term-care situation.

Guardian's also has a true LTC rider that isn't free and allows up to 90% of the death benefit to be used for Long-Term Care (with the balance remaining as a death benefit, in case LTC pool was exhausted). NYL has a Chronic Care Rider that IINM allows up to 99% of the Death Benefit to be used for LTC.  NYL also has an Asset Preserver product in which the LTC benefit can exceed the policy initial face amount, and still leave a residual death benefit. MassMutual has a LTC rider that allows up to 90% of the death benefit to be used for LTC (leaving at least 10% residual death benefit). Just to name a few of the big players.

MassMutual and NYL are two of the few companies out there that still offer standalone LTC insurance, but IINM only available through their captive agents, not through the brokerage channel.

The drawback of LTC riders on Whole Life policies is that there's no inflation protection. It should be part of an overall plan.
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Offline ChaimMoskowitz

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Re: The value of kids - when parents grow old.
« Reply #32 on: September 04, 2018, 06:00:21 PM »
Do all policies have this option or do you need to convert your current policy to one that does have it?
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Re: The value of kids - when parents grow old.
« Reply #33 on: September 04, 2018, 06:17:36 PM »
Do all policies have this option or do you need to convert your current policy to one that does have it?

These riders are relatively new, so older policies won't have them. And they are generally only available on newly issued policies (including term policies that are converted to Whole Life, but would be subject to underwriting for the rider).

NYL had a limited time windows (that ended on Friday) for adding a Chronic Care Rider onto certain inforce policies.
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Offline ChaimMoskowitz

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Re: The value of kids - when parents grow old.
« Reply #34 on: September 04, 2018, 06:26:42 PM »
These riders are relatively new, so older policies won't have them. And they are generally only available on newly issued policies (including term policies that are converted to Whole Life, but would be subject to underwriting for the rider).

NYL had a limited time windows (that ended on Friday) for adding a Chronic Care Rider onto certain inforce policies.
Thanks, mine is 30+ year old WL. Same with DW.
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Re: The value of kids - when parents grow old.
« Reply #35 on: September 04, 2018, 07:06:39 PM »
Thanks, mine is 30+ year old WL. Same with DW.
Only one each?

In any event, this shouldn't be weighed in a vacuum, but rather as a piece of the big puzzle.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ChaimMoskowitz

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Re: The value of kids - when parents grow old.
« Reply #36 on: September 04, 2018, 07:24:10 PM »
Only one each?
Yes. People have more than one? We both had company term policies but no longer.
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Re: The value of kids - when parents grow old.
« Reply #38 on: October 24, 2019, 05:41:09 PM »
News coming from Israel that the largest reinsurer of LTC policies (a French reinsurer) is exiting the market.

Financial repression along with longer life expectancy are making pure LTC policies a non viable business.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline CountValentine

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Re: The value of kids - when parents grow old.
« Reply #39 on: October 24, 2019, 05:45:37 PM »
News coming from Israel that the largest reinsurer of LTC policies (a French reinsurer) is exiting the market.

Financial repression along with longer life expectancy are making pure LTC policies a non viable business.
Any good ones out there?
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

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Re: The value of kids - when parents grow old.
« Reply #40 on: October 24, 2019, 06:08:14 PM »
Any good ones out there?

As I believe I previously stated. Combination life/LTC is the way to go. I've had retired people allocate a portion of their cash savings into single premium policies. I think some of the annual premium whole life with LTC riders are better.
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Re: The value of kids - when parents grow old.
« Reply #42 on: January 04, 2021, 12:22:50 PM »
https://www.marketwatch.com/story/genworth-shares-slide-34-premarket-as-china-oceanwide-deal-faces-further-delay-2021-01-04

Whatever writing has been on the wall about Genworth until now, has just been made bold in Neon lettering. I honestly don't see how those LTC policies will be honored a decade from now.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan