Epicnemesis
DIS Veteran
- Joined
- Jan 26, 2020
New to the forums, joined because it’s the best source I found on Rise of the Resisrance BG strategies.
I came into this sub forum expecting money saving trips for Disneyland, particularly alternative parking strategies.
I say all this as a lead in to say I have no interest to self promote, but I do financial planning for individuals and businesses. Part of that conversation when my clients start approaching retirement age is long term care insurance. With that said, pure long term care insurance is a troubled product category for insurance companies, and most products out there (for new contracts) are constantly revised and downgraded along with steadily increasing premiums. The simple reason for this is because there is such a high probability of their use as people live longer.
The problem with this is while LTC is something you absolutely have to budget for, it’s a bitter pill to swallow to pay for something that is pure insurance (meaning it has no cash value or ancillary benefit, it’s use it or lose it). The insurance companies see the issue of LTC insurance and have built hybrid insurance products that blend long term care insurance with something like life insurance so you know you or a loved one is getting back what you put in. Also some fixed period annuities allow for early draw down without penalties for long term care coverage.
Sorry for making this my second post on the forums, I know it seems sketchy and self promoting, but I wasn’t expecting to find a topic so relevant to my profession on a Disney forum!
I came into this sub forum expecting money saving trips for Disneyland, particularly alternative parking strategies.
I say all this as a lead in to say I have no interest to self promote, but I do financial planning for individuals and businesses. Part of that conversation when my clients start approaching retirement age is long term care insurance. With that said, pure long term care insurance is a troubled product category for insurance companies, and most products out there (for new contracts) are constantly revised and downgraded along with steadily increasing premiums. The simple reason for this is because there is such a high probability of their use as people live longer.
The problem with this is while LTC is something you absolutely have to budget for, it’s a bitter pill to swallow to pay for something that is pure insurance (meaning it has no cash value or ancillary benefit, it’s use it or lose it). The insurance companies see the issue of LTC insurance and have built hybrid insurance products that blend long term care insurance with something like life insurance so you know you or a loved one is getting back what you put in. Also some fixed period annuities allow for early draw down without penalties for long term care coverage.
Sorry for making this my second post on the forums, I know it seems sketchy and self promoting, but I wasn’t expecting to find a topic so relevant to my profession on a Disney forum!