LIFE INSURANCE

[ExGingi]

Not sure how to check price comparison nor the ratings. Definitely wasn’t A+.
NYL is from 2 years ago

I am not talking about company ratings. I am talking about the rating of the insured person (Standard, Non-Smoker, Preferred, Select Preferred, etc.).

On the declaration page of your NYL policy (as well as in the illustration) there should be a breakdown of the base premium and of the Disability Waiver rider premium.

If you're in NY, then Ladder Life is Allianz. Definitely not rated as high as NYL, but still a company that has been around for a while. My guess is that whichever company ends up issuing the Ladder Life policy is not likely to be around as the same entity 30 years from today, as long as the policy doesn't have any non-Guaranteed elements, the only concern might be service.

Allstate sold their Life Insurance block, and while they were initially servicing it, they have now turned over servicing too. Since the "Chasuna Plan" policies were 100% guaranteed products, there should be no impact to the performance of those, but I have no idea how service will be. One nice thing about Allstate was the ability to pay by CC.

[yos9694]

Thanks!
I went ahead and bounded. Not too familiar with conversions but I’m paying less for this 30 yr term then I’m paying for my NYL 20 yr. And without a exam
In addition it’s charged monthly to cc vs annual check.

P.S. anyone interested PM me and I’ll send referral!

NYL will let you pay monthly too, they just charge a fee for it (5%-6% extra premium).

[popcorn1508]

I want to make sure I don't run into any issues.

My life insurance agency asked me for a NJ address to start the policy and we can change it afterwards. He said it's because the application process can be done via a software in NJ vs NY it's paper. Is that all or is there something more to it?

[Joe4007]

I want to make sure I don't run into any issues.

My life insurance agency asked me for a NJ address to start the policy and we can change it afterwards. He said it's because the application process can be done via a software in NJ vs NY it's paper. Is that all or is there something more to it?

I've heard some commissions are higher in NJ. Not sure if true.

[Alexsei]

Did anyone here do extensive research on a strategy that will cover living expenses in case of critical illness?

[ExGingi]

Did anyone here do extensive research on a strategy that will cover living expenses in case of critical illness?

What do you mean by "extensive research"?

A good DI policy could cover.

I haven't seen Critical Illness policies sold in the individual marketplace. I have only seen them offered at work settings. Often they have a wellness benefit that will pay a $50 or so benefit for doing certain exams (such as a mamogram, colonoscopy, lipid panel, etc.) for those benefits can actually end up covering the premiums for these policies.

[Alexsei]

What do you mean by "extensive research"?

A good DI policy could cover.

I haven't seen Critical Illness policies sold in the individual marketplace. I have only seen them offered at work settings. Often they have a wellness benefit that will pay a $50 or so benefit for doing certain exams (such as a mamogram, colonoscopy, lipid panel, etc.) for those benefits can actually end up covering the premiums for these policies.

Something that would work in our community, I looked at Nationwide CareMatters for example since it is cash indemnity instead of reimbursement. Disability will usually only cover a certain % of earned income, with other strings attached.

I would also like to see if a hybrid product (such as Nationwide CareMatters has any benefits over a level term with a CI conversion rider

[skyguy918]

Something that would work in our community, I looked at Nationwide CareMatters for example since it is cash indemnity instead of reimbursement. Disability will usually only cover a certain % of earned income, with other strings attached.

I would also like to see if a hybrid product (such as Nationwide CareMatters has any benefits over a level term with a CI conversion rider

Why is cash indemnity better in our community?

[Alexsei]

Why is cash indemnity better in our community?

Not necessarily, cash indemnity is better overall.
I believe our community has a different approach to LTC than the general population (or lack thereof)

[ExGingi]

Not necessarily, cash indemnity is better overall.
I believe our community has a different approach to LTC than the general population (or lack thereof)

Are you talking about LTC or CI? These are two totally different products to serve different needs.

There's a thread about LTC (might have even been started by me), but I can't find it now. @TimT

[Alexsei]

Are you talking about LTC or CI? These are two totally different products to serve different needs.

I'm not familiar with the industry terms, I'm talking about if god forbid someone suffers a stroke or another injury and requires long term care at home or at a facility, and at the same time they can no longer work to bring home income.

[ExGingi]

I'm not familiar with the industry terms, I'm talking about if god forbid someone suffers a stroke or another injury and requires long term care at home or at a facility, and at the same time they can no longer work to bring home income.

LTC coverage is designed to pay for the cost of care (even if it's an indemnity product) when a person qualifies by losing the ability to perform 2 out of 6 ADLs (activities of daily living: Bathing, Dressing, Eating, Transferring, Toileting,  Continence) or has a cognitive impairment.

CI coverage usually pays a lump sum upon diagnosis of certain illnesses such as Cancer, Heart Attack or Stroke. See for example: https://www.aflac.com/individuals/products/critical-illness-insurance.aspx also see https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp

[ckmk47]

And disability insurance gives continuous “salary” payments during the time of disability.

[yos9694]

Many whole life policies include "living benefit" provisions that could be accessed in the situations you describe. Its typically allowing a person to tap into the death henefit while they're still alive but terminally, critically, or chronically ill. Not as good as a true LTC policy or DI policy but its something and its much cheaper

[ExGingi]

Many whole life policies include "living benefit" provisions that could be accessed in the situations you describe. Its typically allowing a person to tap into the death henefit while they're still alive but terminally, critically, or chronically ill. Not as good as a true LTC policy or DI policy but its something and its much cheaper

Those riders on WL cannot come close to a DI or CI policy (and benefit triggers are different). As for LTC, I actually think a WL policy with a LTC makes better sense over a standalone LTC policy in many cases.

Obviously, if one thinks they only need term, and will never get WL, those benefits (except for terminal illness acceleration) will not be available.

[Alexsei]

I actually think a WL policy with a LTC makes better sense over a standalone LTC policy in many cases.

Are you referring to hybrid policies like the Nationwide CareMatters or in general having both a WL and a LTC policy ?

[ExGingi]

Are you referring to hybrid policies like the Nationwide CareMatters or in general having both a WL and a LTC policy ?

Not necessarily a pure hybrid (Nationwide doesn't sell WL AFAIK, it's probably based on a UL chasis), but the true mutuals have a LTC rider that can be added to regular WL policies, which allow using part of the Death Benefit to pay for LTC expenses (once triggers met).

[skyguy918]

Not necessarily a pure hybrid (Nationwide doesn't sell WL AFAIK, it's probably based on a UL chasis), but the true mutuals have a LTC rider that can be added to regular WL policies, which allow using part of the Death Benefit to pay for LTC expenses (once triggers met).

NYL's hybrid is also UL. There are chronic care and living benefits riders on their WL, but I don't think there's LTC.

[ExGingi]

NYL's hybrid is also UL. There are chronic care and living benefits riders on their WL, but I don't think there's LTC.

The NYL Chronic Care rider is intended to serve as an LTC rider.

I familiar with the original versions of the NYL single premium hybrid. I actually sold a couple of those for single premiums of between 100k-200k. The target client for those is very different than the target market for an LTC rider on a WL policy.

[Alexsei]

Did anyone here do extensive research on a strategy that will cover living expenses in case of critical illness?

I've been offered an interesting Term 30 product by National Life, the premiums where almost identical to other similar offerings by know brands such as Guardian, MassMutual, NYL etc. However this product offers free included riders for Terminal Illness and Critical Illness whereas one would get a lump sum payment if they meet criteria (amounts vary depending on the severity of the illness)