Life Insurance - Who/What do you have?

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dennishoddy

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FWIW, the tobacco will cost you typically double, if not triple the premium cost...... and even if you quit later on.... you'll typically still be paying the tobacco rate. Otherwise you be in a situation where you'd try to rewrite the policy down the road, and that will be expensive too. Basically, be as healthy as you can when you write a policy.
This is true. It used to be do you smoke or use tobacco in the questionnaire. If checked no, it was done.
Now the question in the VA anyway is have you ever used Tabacco in your lifetime. If checked yes, you're in for increased medical observation.
I have zero objections to this new policy regarding my health care as I quit smoking in October of 1976 but have never been told if this is due to some new studies or what.
I suspect it has something to do with a new study I've not seen.
 

dennishoddy

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All the yonkers here might think about looking at a long term care policy too. That stuff ain't free and Social Security wont cover it.
It certainly won't.
It's a policy to cover your care in an assisted living/nursing home type deal without draining your personal reserves with the person paying the premiums.
As always, it depends on the policy you select and the price it calls for.
My MIL is in assisted living after paying for the long term care policy for about 15 years.
Everything is covered. She has zero to pay once the facility submits their bill.
We took that to heart and put the wife into a policy similar to MIL.
In the first few years, it's not total coverage. Don't remember the scale to full coverage, but its 5-10 years or something. All depends on the underwriter and company willing to take the risk.
I'm not an insurance person at all and may be off a bit in my comments because I'm working off memory.
We have some insurance experts on here that can clear anything up that I may have missed.
 

dennishoddy

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As I mentioned above my employer provided life insurance seems very reasonable so I'd think an outside company policy would be a decent bit more. However, I want a bit more coverage that what the employer offers so need to get a small policy from somewhere.
Get enough term insurance to cover your debt. As your debt reduces by paying off the land, reduce the insurance and payments.
Once you get the land and home paid off, you don't need any more insurance other than what it costs to bury you and that can be a cheap option in Ok. Actually, almost zero if you want to.
Your wife can sell the land and home to recover enough money to keep her in a good life until she needs to use the long term care.
I married a young one as well that will outlive me probably, so we have the same issues.
Another option is to designate the land and home as a hunting area or an Air BNB rental property for long term income.
Lots of options to consider. Think on it for awhile.
 

garytx

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Keep the whole life if you can afford it. It is a great savings vehicle. Yeah, I know it's expensive but keep if if you can. If not, your agent should be able to roll your existing policy into a long-term universal life-like product that will allow you to have life insurance. Be sure to pay attention to the cash value in your insurance policy and roll that into your universal life. If you take a distributor from the whole life you pay taxes on it. Talk to your agent.
 

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