LTC INSURANCE CAN BE A WIN-WINThere is no need to self insure when you have the ideal insurance policy that pays up to $12,000 a month. Today's single premium for a LTC policy for a couple aged 50 is $234,048, which is less that the $288,000 cost for one year of LTC.
If the couple decide to cancel the day after purchasing the policy they will receive $158,288.
If the couple is in a car crash today and needs long term care for life the insurer will pay up to $24,000 a month. That is $10,080,000 (assuming a life span for both of 35 years).
If LTC is never needed the policy will pay a death benefit on the second insured to die of $400,000 for a gain of $165,952.
If the insureds want to cancel the policy at age 85 they will receive the cash surrender value of $301,992 guaranteed for a gain of $67,944. |