Ask Terry Questions Hybrid long term care

Hybrid long term care

By Terry Savage on October 13, 2019 | Insurance & Annuities

Dear Ms. Savage,
First, thank you for allowing people to access your expertise and opinions to help them, perhaps, see a bigger picture.
I’m 69, in good health (although longevity is not in my gene pool) and am considering getting a Long Term Care policy. The one I’m considering costs $50,000. It would pay out $2,000 a month if I were to go into an assisted living/long term care facility. The benefit would be depleted after $150,000. IF I were not to need/use the benefit (????), my daughters would receive an ‘insurance’ payout of the original $50,000. I am a retired Catholic high school teacher. My current income is about $3,500 a month.
Any advice you could share would be much appreciated.

Terry Says

That is EXACTLY the kind of long term care policy I am recommending.  You’ll find out more in my new book — brand new edition of The Savage Truth on Money — coming out this week!  I wrote a long chapter explaining that.

BUT — I do not think you are getting the best deal from the payout you describe!  I did an example that is very similar to your situation in the book — and there was both a larger care pool of funds AND a larger death benefit.  So do a comparison.  Call MAGA LTC in suburban Chicago at 800-533-6242, and ask for Brian Gordon or Peter Florek.  They will give you a better quote, I am sure.  You do not have to use my name, as I get nothing out of this.



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