Long term care
Hi Terry, We just received notification from Mutual of Omaha that our long term care premium will increase 28.68% next year and 30.77% in 2025. I know that you have spoken about this in the past and we all know it’s insane how much the premiums have risen. I believe you mentioned a combination life ins. and long term care policy to replace long term care. Do you still recommend doing something like this and getting rid of the original policy? Will you be covering this soon as I’m sure many people have been affected? Mutual of Omaha is offering to adjust the benefit multiplier of our policy. They also say if we forgo our policy altogether, the non-forfeiture benefit will be applied automatically and we will get a paid up policy with reduced benefits. We don’t know what that means. Our trusted insurance agent said that he dropped his policy and took out a life ins. policy with a long term care rider. Help! We would love your opinion on what to do as these rates are clearly going to be increasing by a ridiculous amount every year. Thank you!
Terry Says
Sure, it happened to me too with one of my LTC policies! On the advice of my trusted advisor, I removed the compound interest benefit (which had been growing the daily value for 25 years!).
But each case is different. I trust the advice of Brian Gordon at Gordon Associates, LTC specialists. 800-533-6242. Tell him I sent you– or not. I get nothing out of this recommendation.
