Financial Advisors

Best idea for a life insurance policy w a LTC rider? Have 300k life insurance, 100k self sustaining, no premium of 48k, and 200k of adjustable comp life w a premium of 3k/yr, cash value of abt 18k

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Your concerns about future premium increases with Hancock are very warranted.Not sure about the LTC rider stuff, or really any cost-adding "riders." My general philosophy is that once you start dealing in products that putatively combine the management of multiple risks under one policy . . . you're heading into deep waters. One nice thing with having the LTC wrapped inside a life policy is that you have protection from price increases.

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In general, you pay much more per dollar of benefit when you start combining life & annuities with LTCi benefits. If it were me, I would probably keep the JH policy. In the end, it's about cash flow in retirement and your wife not feeling obligated to spend her later years providing care to you. In today's dollars if you could cash flow a longer extended care need in retirement with an extra $50K to $100K per year (at least in the Midwest) without disrupting the income to your wife, then you can probably self insure and play the odds. If not, I would keep the current policy.

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Cash out the $48k that is only giving you $100 coverage anyway and invest aggressively. Instead of cutting $ to a policy invest this in the same pot of money. Hold it for 20 years and forget the LTC. Odds are you won't use it. ($48k base with 20 years with those contributions you would have $245,906 at 6%).

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You buy insurance to protect against the unforeseen. The last one I did came out in favor of Protective Life (if I remember). It was a 57f with $100k coverage. Benefit was $2k/month. Of course it would not cover full cost, but it is there to supplement. It was a UL to 105. I think that payments were $1500/yr ($0 initial cash outlay). What you want is a policy that pays when you and a dr say, not a reimbursement of expenses. These work well if say you hurt you knee and a Dr says you cannot preform 2/6 functions of daily living. Now you can get $2k/month to cover help around the house until you are back up and fine. Which then you turn the benefit off to save for later. Also don't you have a local (regional) insurance specialist? They should be able to run quotes for you, and help you figure out what to do.

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Look into LTCi products that offer Life Insurance as part of it, instead of the other way around. There are products available now that provide the ability to cancel with a full refund, pay a death benefit if you die before utilizing or don't utilize all of your LTC, or pay straight LTC benefits when needed. These products also provide a means for growth, so the money isn't sitting there without earning.

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^ NYL1 Has some good thoughts.

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