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Not all agents are the same. I would look for someone who works with multiple carriers and can explain differences clearly instead of just pushing one option. Since you already know the features you want, I would get a few quotes side by side and compare both pricing and underwriting. For group rates, it may be worth checking professional associations, trade groups, or even any current or former employer benefits, but I would still compare them against strong individual policies since the discount is not always the best overall value.
Great, thanks so much!
We went through nationwide. Age 50 getting 4000 a month coverage for $340 a month for 2 people. We weren’t really looking to cover 100% just a portion since we do have decent retirement savings but didn’t want to drain it. CareMatters. I thought it was reasonable. We went through issues with parent care that there were no funds for and it was pretty hard so you learn from experiences.
Also we did not get the inflation option as it was a lot more and honestly have a good retirement savings so this was a moderate option for us.
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What kind of prices are you seeing, and for how much coverage?
I looked it up once and it was such a bad deal I could just invest the premiums and accumulate the maximum benefit.
I redid my outlook; once I accounted for a growth in dividends and value of physical assets, the plan works in most scenarios. LTCI is an option and would eliminate all risk, but is not required.
This what the agent sent me. I also looked up the agent and he has terrible reviews, so going to the company directly might be better.
Nationwide (only pays 2 yrs abroad)
5% infl rider: 10 pay = 27375/yr. One pay 224622
Benefits $6000/mo Day 1 & 27228/mo age 85.
6 yr benefit: $432K + $28800 death benefit.
3% Rider: 10 pay 13036 / yr. One pay 109841
Day 1 Benefits 6000/mo or 15K/month at age 85
Brighthouse
5% Rider: 217136 one pay or 27735 10 pay
6000/mo lifetime 489738 + 301439 death benefit
3% Rider
10 pay $12145, 1-pay $101187.
Monthly benefit 6000 / 6 yrs. Lifetime benefit 465729 + death benefit 146940.
4yr, 3%, benefit $6794 / month or 341105 lifetime
Which one have you decided on? Any recommendations on how to approach the research?
Yeah I’d be interested to hear more. How do you DM here on Glassdoor?
I totally agree, I am an agent myself, I got my husband and me individual policy with the company I am affiliated with, as independent broker, two years later I decided to shop the marketplace, and I was so surprised how many better options in benefits and prices are out there, now we are in the process of underwriting to switch companies for the same price but instead of 7 years benefits it is for life with death benefits also.
C1, I started with zero knowledge, gave AI (Gemini) my plans and asked for help based on my potential needs - e.g. 100% coverage abroad, death benefit to cover repatriation of remains & burial, longevity expectations, and asked what else I should be considering. It was very helpful in forming requirements, like an 3-5% inflation rider (given high family longevity), indemnity (cash payments instead of reimbursement), 100% coverage abroad, as well as expected premium costs and coverage, and best companies based on what I need.
It returned everything neatly and gave me the contact number for Alumni Association benefits. I then added one pay and 10-pay calculations to the general retirement overview I have been doing with Claude. It ascertained that LTCI would solve for failure with a conservative 3% return, & did a terrible job comparing one pay vs 10-pay, so I modeled that myself. Finally, I asked for a script to use on the first call with the agent and what questions to ask, which was very helpful. Overall, saved me a ton of time and educated me quickly. I will also note that this is part of a broader plan to have a Living Trust, a designated Aging Care Specialist, and a Lawyer, all of which AI outlined. I previously did research on rampant elder abuse and have a greedy family. I believe setting everything up myself with oversight built in is the safest option for me to eliminate as many what ifs as possible. I would recommend Gemini. Apparently Claude is failing a lot since the last release. I have Pro and had problems, eg it told me to ask the agent about coverage in “Europe and Portugal” and messed up the math twice, even after I pointed out mistakes.
GSK1, Gemini told me that based on the above plan, my best option would be Nationwide CareMatters II and estimated the cost at 135K for one pay or 16K for ten pay, with a 4K/month payout for 6-7 years. I based my retirement model on a posh full care facility that runs 144K/year from 75 because dementia runs in my family. I do plan to exit myself if I get dementia but want options in case I can’t go through with it or don’t develop dementia/ get some other disease. There are companies that offer lifetime benefits, but either require staying in the U.S. or reimbursement (receipts) from abroad, which is too much complication for me. Next step is waiting for the agent to show me actual plans and costs. Which is why I asked about agents; I am not sure if I should be shopping around.
I don’t withdraw every year, but have future years with high taxes/expenses.
You may be right about being pessimistic but in my view that is exactly what prevents failure.