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Long term care insurance

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Comments

  • doogie
    doogie Member Posts: 15,072
    So, just pay the State tax and realize there is no benefit coming?
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  • Cougzz
    Cougzz Member, Swaye's Wigwam Posts: 310 Swaye's Wigwam
    I bought LTC policies for us 12 years ago with a compounding inflation rider and have paid around $52,000. We each have a current total benefit of just under $700,000. I consider that one of the most important purchases I have ever made. I bought based on company financials rather than policy premiums, which turned out well. And there are hybrid LTC policies that are connected to an annuity or life insurance policy that are increasingly popular. We would both be pleased if we croaked on out of here without ever making a claim. Most people have no understanding of the crippling cost of long term care. Plus, we don’t care to become a ward of the state.
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  • doogie
    doogie Member Posts: 15,072
    There’s an outside chance you might even get to use some of that $700,000!

    Imagine If only you would have bought $520 in Bitcoin 12 years ago and blown the rest on fancy vacations! You’d be less self absorbed, a lot richer and happier to boot!
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  • MikeDamone
    MikeDamone Member Posts: 37,781
    Cougzz said:

    I bought LTC policies for us 12 years ago with a compounding inflation rider and have paid around $52,000. We each have a current total benefit of just under $700,000. I consider that one of the most important purchases I have ever made. I bought based on company financials rather than policy premiums, which turned out well. And there are hybrid LTC policies that are connected to an annuity or life insurance policy that are increasingly popular. We would both be pleased if we croaked on out of here without ever making a claim. Most people have no understanding of the crippling cost of long term care. Plus, we don’t care to become a ward of the state.

    People buy whole life too…. They are called suckers.


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  • RaceBannon
    RaceBannon Member, Moderator, Swaye's Wigwam Posts: 116,156 Founders Club
    When we got married my wife wanted to get life insurance on me.

    Uh thats a no. Too much temptation
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  • doogie
    doogie Member Posts: 15,072
    I remember my insurable phase.
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  • FireCohen
    FireCohen Member Posts: 21,823
    RaceBannon said:

    When we got married my wife wanted to get life insurance on me.

    Uh thats a no. Too much temptation

    Yeah, you are immortal. Might as well burn that premium money
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  • dirtysouwfdawg
    dirtysouwfdawg Member, Swaye's Wigwam Posts: 14,840 Swaye's Wigwam
    RaceBannon said:

    When we got married my wife wanted to get life insurance on me.

    Uh thats a no. Too much temptation

    Because of the 4 heathens and worthless unable to make money wife, I have a pretty decent life insurance policy.

    I’ve told at least two of my family members to investigate TOF if anything mysterious ever happens to me.

    I’m only 81% kidding.
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