Years Ago, I Was Declined for LTCI. Should I Re-Apply Now?
When asked the question: “I was declined for long term care insurance about 5 years ago. Is it worth my while to try applying again?” The answer is that it depends upon why you were declined. Most long term care insurance specialists prequalify their prospective clients on the front end meaning that we don’t have people apply if the underwriting guide says that they would be declined for a particular health issue. The important thing to know is that underwriting guidelines can...
Read MoreElder Care Doesn’t Have to Be a “Crapshoot”
We all hear the horror stories about long term care facilities but it doesn’t have to be that way. This month’s issue of Smart Money gives a closer look at geriatric-care managers and their role in the long term care field. Smart Money February 2012
Read MoreWhat If We Retire to Another State?
I’m writing this entry from San Diego where I am visiting my daughter for a few days. California is just about as far across the country from my own home in Massachusetts as one can go. I was thinking about the question that I’ve been asked many times: “We’re living in MA now but what if we retire to CA or NC or AZ?” The first part of my answer is that your policy is portable and goes with you throughout the U.S. to whichever state (and sometimes whichever country) you may live in...
Read MoreExcuses to NOT Buy LTCi…Debunked!
When my colleagues and I get together we invariably wind up talking about the client or clients who didn’t buy long term care insurance from us. When we’ve drilled down to the essence of why intelligent people don’t purchase this important insurance protection it is usually for one of the following reasons: 1) “I can afford it now but I’m not sure that I’ll be able to afford it in retirement.” 2) “There has to be a better way for me to protect myself with some of the more...
Read MoreCan Same Sex Couples Get LTCI Discounts?
The answer is “yes” with almost all long term care insurance companies. A couple can be a heterosexual couple who are married. A couple can be a heterosexual couple who aren’t married. A couple can be a gay or lesbian couple who are married. A couple can be a gay or lesbian couple who aren’t married. Some companies even discounts given for 2 family members of the same generation who live together. My advice would be that if you consider yourselves a “nontraditional”...
Read MoreWhat Are “Combo” or “Hybrid” Products?
The last 5+ years have seen the introduction of what the industry calls either “combo” or “hybrid” products. In most cases the ones that I am familiar with have a long term care insurance component and a life insurance component. I know that some of the others involve an annuity component. “Combo” or “hybrid” products are a good fit for certain clients. The clients that I have sold these policies to are people who have already retired and have some “lazy” money sitting...
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