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long term care policy for married couple age 68 and 70

By Terry Savage on October 22, 2020 | Insurance & Annuities

I am getting conflicting advice One broker recommends a straight forward long term care policy to offset limited benefits with premium which would fit well into our fixed income. A second rep, a second recommends a whole life policy with an ltd rider. This 2nd rep implies that our cautious approach to the stock market would allow the whole policy life policy to offer a
settlement in later years which, I assume , would be considered an investment with approx. 3% return PLUS long term care.
Final expenses can be with our investments so I thought a life ins policy, at our age is cost prohibitive.
Your thoughts please

Terry Says

well, the problem is you are listening to brokers who are trying to sell you something!
Yes, you do need long term care insurance. And the new hybrid or “combo” policies make a lot of sense. They are designed primarily for long term care — but if you don’t use the money for care, there is a death benefit that goes to your heirs.
But since these are life insurance salespeople (!) I recommend you go to a long term care insurance expert, who can look at your needs.
I always recommend Brian Gordon at MAGA LTC — 800-533-6242. He is in the Chicago suburbs. And he is my expert for all my books. Use my name or not, as I don’t get anything out of this recommendation.
And if you want to do your homework on this topic first, get a copy of the latest edition of The Savage Truth on Money on Amazon. I write extensively about LTC insurance.

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