I wanted to know the approximate cost of a combination policy of life and long term care. I read that it is an upfront deposit. I am sure it depends on age and health of the individual.
Terry Says: Yes, combo policies that pay death benefits if the policy is not used for long term care benefits, are priced based on age, health, and gender. That is, the amount you deposit will generate a different monthly LTC pool of benefits, and death benefit based on these considerations. The real experts on this are Brian Gordon and Peter Florek at MAGA LTC — 800-533-6242. Call them and they will get your information and give you a quote. I recommend these if you can put at least $50,000 into a life policy, because you never have to worry about increasing premiums — and if you don’t use the benefit, your heirs get a death benefit so the premium is not money down the drain!