Excuses 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...
Read MoreWhat is “Partnership”?
I was recently teaching a class and one of the attendees asked me: “My friend lives in RI and she said she has a “Partnership” LTC insurance policy. What does she mean by “Partnership” and is it only available in RI? “Partnership” policies became a bit of a household word when former President Bush signed the Deficit Reduction Act of 2005. “Partnership” LTC insurance policies allow policyholders a degree of asset protection so that the policyholder can retain some of...
Read MoreCan I get a discount for being married even if my spouse doesn’t apply?
My wife and I both want to buy long term care insurance but I’m not in the greatest health and don’t want to apply. Will she get any kind of a discount because we are married? The answer is that it depends upon the particular insurance company that you are considering. When you work with a long term care insurance specialist she/he knows which insurance companies will treat your wife as if she is “single” and charge her the premium that will go with a “single” person and which...
Read MoreHow does divorce affect a couple’s LTCi policy?
With 50% of today’s marriages ending in divorce I’m often asked the question about how divorce affects a “couple’s” long term care insurance policies. When a “couple” applies together for long term care insurance they are given a discount specifically because they are a “couple”. This discount usually ranges from 30% to 40% depending upon the insurance company. When a “couple” divorces almost all insurance companies will remove that discount because the policyholders...
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