jerome99 wrote:The LTC policy is with Northwest Mutual and has a max benefit of $200/ day.
jerome99 wrote:My mother in law has no debt of any kind and no kids that have any dependency on her for financial help. She currently has 2 $50k whole life policies and 1 $100k term policy. She also has purchased a LTC policy. She is spending $4,500 a year for all this insurance. I cannot think of any reason for her to have life or LTC insurance.
Any reasons to not cancel all this coverage now?
kenschmidt wrote:Based on the information given, I don't know how any advice can be given. Even the whole life policies may have some value depending on the premium and dividends.
linuxuser wrote:Life insurance, yes, cancel.
As for LTC, I wouldn't be so quick to jump the gun.
Have you actually priced out how much it would cost to put her in assisted-living?
How much does the LTC pay in benefits? Is the company solvent?
Are you willing to pay all of nursing home care if that is required?
If not, is your wife, willing to see her mother in a Medicaid facility?
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