Bankers Long Term Care

I am 68 and in perfect health and look 55. I have a policy of long-term care with bankers life that I had for 8 years now. It is a policy with a 5 years period of 60 delimited I have an agent that I had my plan with an extra he thinks I need to get a long political life of long-term care with a delimited time of 30 days. I was told by my first agent of 8 years, you usually die within 5 years of being in a nursing home and the officer that I know of no agreement. Which way should I go? The new policy is $ 1,000 more per year and yes I can afford it.

The average payment for a policy of long-term care is a little less than 3 years. However, people tend to live longer and the average is rising. There are people who need long-term care of more than 5 years. If you can afford the additional premium, it may be a bargain.

The average cost per day in a nursing home is $ 177 per day. How long can you comfortably pay the $ 177 will determine the length of the waiting period.

Politics today is sold in 5-year average of 90 days.

I'd be more concerned about the life of bank policy. Conseco is a business and B-rated and actually went bankrupt a few years (if memory serves). Obviously he just trying to sell you a new plan, but if you go buy a new plan, you should get another for a better society.

bank officers may sell bank plans.

I would go with the longer elimination period that you know you can afford. I prefer to recommend the provision of life as well. But you must decide for yourself.

Lika i ...... ...... do da cha cha

Bankers Life???? which should be your real concern. Get an A rating or higher now. The life / LTC policy is not a bad idea. Make sure the policy is a highly rated company. Insurance is not more than a promise.

Well, there is not enough information here. Do you have assets to pay out of pocket for five yearsof LTC, if you need five? Do you have a spouse, the payment of that additional $ 60K per year would be reduced to eating cat food?

Most people DO die within five years of LTC. Your current agent does not agree, perhaps because he is trying to sell you something, he will make a big commission from him.

Here's a little blurb from consumer reports on long-term care:

When Consumer Reports investigated the long-term policy of care, he concluded that they are too risky and too expensive for most people. On the one hand, the annual premiums you pay to maintain coverage in force can increase rapidly, making the policy prohibitive even before you need. This means losing the money you paid, whom you may have invested. In addition, the benefits of a policy may cover only a portion of your total spending. And the policies come with catches that can keep you from collecting.

Our report, Do you need long term care insurance? can help you decide if you are one of the few who should consider a policy. If so, our report also provides criteria that you can follow to choose the right coverage.

A couple of interesting thoughts, they say: 1. The average length of stay in long term care, is 2 1 / 2 years and 2. 90% of people who enter LTC after 65 years, are there less than four years.

I will not tell you not to buy this new policy. . . I just say, you probably do not need it.


http://www.consumerreports.org/cro/money ...