Monday, April 30, 2018

Stunning LTCi News [UPDATED]

[Please scroll down for update]

Today's Long Term Care insurance (LTCi) plans generally max out at 5 or fewer years of claims, and at a certain dollar limit ("bucket of money" concept). But back in the day, one could buy a policy with no such limits; these were called "unlimited" plans.

We actually still have a couple of those on the books.

It's been a while since carriers have offered these, and one can imagine why.

But if you can't, then I recommend this item by FoIB Allison Bell over at ThinkAdvisor:

"[O]ne male policyholder who has received about $1.6 million in LTCI benefits, over a period of 9 years and 10 months."

This gentleman paid in about $56,000, and has (thus far) received almost 30 times that in benefits.

Heckuva deal.

UPDATE: I've been reliably informed in the comments that (at least) one carrier, National Guardian Life, still offers the "unlimited benefit" option.

Nice - Thanks, Scott and Tom!

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