My life insurance is reasonable and if I needed long term care for a terminal illness it would compensate for the expense either post hoc or, depending on the state I lived in at the time, we could tap into it for those expenses as they occurred. I no longer earn any significant income so it isn't needed to compensate for lost income and we don't have a mortgage or other debt to pay off. My slightly younger hubby however is the sole breadwinner for 5 more years and we will be keeping his life insurance.
We haven't shopped for long term care insurance being put off by our pre-existing health conditions, the cost, the ongoing changes in the industry, etc. I can't seem to wrap my usually analytical and decisive mind around this one. I am curious what my brother will learn and perhaps letting him do the research will help us make a decision.
What are your thoughts? What are you doing in these two areas once your children are grown?
I am confused and paralyzed by both these issues. Am looking for some answers if you have any, or know where to go to get them. Thx!
ReplyDeleteI just posted links to a couple of articles that might help on the long-term care insurance issue. I too am "confused and paralyzed" on both but I have to decide about the life insurance payment soon.
DeleteLike Tom above, we were paralyzed for a long time over what to do about long term care insurance until we learned that most policies have a lifetime cap of around $150,000. In our case, because our portfolio is projected to outlast us based on our spend rate, we've elected to simply self insure if/when that time comes. And the odds are overwhelmingly in our favor that we will not need it, based on current usage data.
ReplyDeleteCancelling our respective life insurance policies was a much easier call. We are fully funded for retirement, including having a living trust in place, and there was therefor no longer a need.
Thanks for the input. I think we are pretty much in the same situation re: long term care insurance and my life insurance. Decisions soon.
ReplyDeleteWhat should we do about long term care and life insurance? Simple. Choose the most applicable plan for you. Well, consider a better long term care insurance policies or life insurance policies that best suit your needs. Once your children are grown, introduce them into plans that make a lot progress in your life. Make them see that you're a living proof of a good plan.
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