Life ins Combo with Long term care
Hear you address this a week ago
We are both retired (age 72 and 69). We have a good retirement benefit, and have a great 403B and ROTH accounts. We do not have long tern care. My parents did gift to me a single premium life policy (current value 145K) that I can use 5,000.00/month for assisted living provided I meet the rules. My spouse does not have anything like that and has been cancer free for 5 years. We recently discovered a second single premium life policy that has a value of about 140K in my name.
Can we set up a better life/long term policy for both of us using one of the insurance policies? We have one child as beneficiary on everything.
Terry Says
Well, you might be able to transfer the cash from your policy into a combo policy –but medical underwriting might disqualify your spouse. The one person I trust to figure this out for you (and always for me!) is Brian Gordon of Murray A. Gordon LTC – The toll-free number is 800-3533-6242. You can use my name or not, as I get nothing out of this but the knowledge that you will be helped by a true, caring expert.
