My mother is 77, in good health. Lincoln financial offered her the following for 0k payment today: 5k life insurance policy and 0k of long term care insurance. That sounds like a good deal to me, is it?
I just wanted to say that I am very impressed with the high quality of the answers. Thank you all very much, difficult to choose a best one! It is very helpful to get such good information.
I just wanted to say that I am very impressed with the high quality of the answers. Thank you all very much, difficult to choose a best one! It is very helpful to get such good information.
Chris C 9:02 pm on February 25, 2010
The devil is in the details. It’s very hard to say what kind of deal it is without knowing the details of the policies. Is it a whole life policy or will it expire at 85. Is it a Gauranteed Insurability policy where a claim in the first 2 years or so would be automatically declined? What does the LTC policy cover? Is it a reimbursement policy? Does the person have to be in a home or does it cover bringing a nurse into your home? Or does it cover you if you just need supervision.
You’re best bet is to take the offer to a broker and see what they think and what similar packages they could offer.
Insurance Pickle.com 9:03 pm on February 25, 2010
Maybe. There are other carriers that have a similar policy design. Use a long term care insurance broker to show you/her Lincoln as well as Lincoln’s competitors. Looking at just one isn’t going to tell you anything.
Also, consider a traditional long term care policy as well. When you have funds that aren’t needed for retirment purposes the life insurance/long term care combo is attractive, but it’s not the only way to do it.
Bill R 9:03 pm on February 25, 2010
I would question the need for $175k of life insurance.
Bundling may be good when it comes to phone service, but I would stick to a straight LTC policy from GE or John Hancock, etc.
If she needs the insurance, Lincoln has decent plans, so do a lot of others – the problem is not the plan but the agent selling something that makes them money and costs u more.
NANCY S 9:03 pm on February 25, 2010
As far as my knowledge,this is a question with various answers,it is really depending on the mind of yourself,providing a great resource here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm for reference though.
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