Long term care insurance
My husband and I are both 69 and are financially secure. Our advisor suggested we do a 1035 conversion on a life insurance policy (on my husband) and use the funds to buy long-term care insurance for him. For me (I have high blood pressure) the cost out of pocket will be higher and paid out of cash and the benefits would be lower. Is long-term care insurance something that you recommend?
Terry Says
I do recommend Long Term Care Insurance — and have for a long time. BUT, I’m not sure this is the way to proceed with a purchase! First of all, are you sure you wouldn’t need the proceeds of the life insurance policy if he predeceases you? Second, it all depends on what kind of a “deal” this “advisor/SALESMAN” is offering you.
If you want an honest answer to what you could receive in LTC benefits if you “roll” the current policy into one with an LTC rider, or maybe whether this company provides a rider without the expense — and contestability period — of a new policy, call Brian Gordon at MAGA LTC – 800-533-6242. Use my name or not. I trust him completely and he is my LTC expert.
Something about this proposal you described makes me wonder who would get the most benefit out of this deal — the salesman or you?!!
