Long Term Care Insurance Choice
Hello Terry,
We are purchasing long term care insurance for myself (53). We cannot afford the hybrid, and on your advice are looking into New York Life, but also mutual of Omaha. New York Life is a better rate, but goes by a cpi-u, Mutual of Omaha is a set percentage rate, which we chose 11/2%. We would appreciate your opinion on which is better for the long term. Thank you for all the wonderful advice you give on WGN and your podcasts.
Terry Says
I don’t think I’m in a position to give specific policy advice, but if you’re listening to individual salespeople from different companies, I’m sure it’s an overwhelming job. That’s why I always recommend consulting Brian Gordon of Murray A Gordon Assoc –800-533-6242. They ONLY sell LTC insurance, from various companies. And they know EVERY policy, every “catch.” If you’re buying tradtional LTC insurance it’s not only the inflation adjustment for payouts that’s a concern. It’s the possibility that premiums will rise every year!!
I would only buy hybrid now — even if I had to do it on a 10-year payment schedule. Takes away the risk of rising annual premiums!
