PrivClientSG
Guru
- 378
Let's say you have a client -- male, a young age 67, very active, vibrant, athletic, single (divorced), in a long-term relationship, net worth about $3mm ($2mm of investments, $500k in his IRA, and a $500k home). He's still working. Wants to continue, for as long as he can as he enjoys what he does (he's an attorney, solo). Doesn't really have an exit strategy. He has two kids who live in other parts of the country. Longevity runs in his family. His mother is alive at 95 and his father made it to 93.
After all the data gathering, etc. -- you determine he does warrant some type of LTC coverage. What factors are you looking at to determine whether you start with a traditional LTC policy, or one of the hybrid policies? If you land on the former -- what carriers are you looking at today? I feel they are rather out of favor as lifetime benefits are no longer feasible, guaranteed premiums no longer exist and if they do they are not feasible, and the product has seemed to become somewhat antiquated, both by coverage and cost. However, if you want traditional LTC coverage -- what carriers and what coverage are you looking at? Five year benefit? Home health care? Cost of living/inflation protection? And what else?
On the other hand, if you look at hybrids, same questions, what carriers and what coverage are you looking at? I am going to hand this off to an associate, however, I'd still like to be educated. Thank you very much in advance. I greatly appreciate the insight, perspective, and expertise.
After all the data gathering, etc. -- you determine he does warrant some type of LTC coverage. What factors are you looking at to determine whether you start with a traditional LTC policy, or one of the hybrid policies? If you land on the former -- what carriers are you looking at today? I feel they are rather out of favor as lifetime benefits are no longer feasible, guaranteed premiums no longer exist and if they do they are not feasible, and the product has seemed to become somewhat antiquated, both by coverage and cost. However, if you want traditional LTC coverage -- what carriers and what coverage are you looking at? Five year benefit? Home health care? Cost of living/inflation protection? And what else?
On the other hand, if you look at hybrids, same questions, what carriers and what coverage are you looking at? I am going to hand this off to an associate, however, I'd still like to be educated. Thank you very much in advance. I greatly appreciate the insight, perspective, and expertise.