Search found 180 matches

by pintail07
Fri Aug 18, 2017 11:03 am
Forum: Personal Finance (Not Investing)
Topic: question regarding life insurance purchase: online vs. real-life agent
Replies: 8
Views: 459

Re: question regarding life insurance purchase: online vs. real-life agent

That is how it isn done. Nothing to worry about as long as the check is payable to the issuing insurance company.
by pintail07
Sat Aug 12, 2017 7:08 am
Forum: Personal Finance (Not Investing)
Topic: S&P Indexed Life Insurance
Replies: 10
Views: 680

Re: S&P Indexed Life Insurance

I would bet the policies are a blend of term and whole life, these types of policies have performed horribly compared to initial illustrations.
by pintail07
Fri Aug 11, 2017 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: S&P Indexed Life Insurance
Replies: 10
Views: 680

Re: S&P Indexed Life Insurance

Don't even consider the Index policy. Have you asked an independent agent how much paid up no lapse to 120 policies would be? I have done many of these and it seems the amounts offered are much lower than they could be unless you are in poor health. If looking for a legacy you might consider a secon...
by pintail07
Fri Aug 11, 2017 10:16 am
Forum: Personal Finance (Not Investing)
Topic: S&P Indexed Life Insurance
Replies: 10
Views: 680

Re: S&P Indexed Life Insurance

How long does the long term care benefit last? Since you are not a beneficiary of the trust, who benefits from the long term care benefit?
by pintail07
Thu Aug 10, 2017 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Group Universal Life
Replies: 23
Views: 1457

Re: Group Universal Life

The only permanent insurance plan I would ever recommend is a guaranteed term to age 120. You pay only for the death benefit, little if any cash value.
by pintail07
Wed Aug 09, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Is my current LTC policy relatively good?
Replies: 19
Views: 1131

Re: Is my current LTC policy relatively good?

westrichj312 wrote:smart people gift their monies to children via a trust and you will get terrific long term coverage for free via the federal government (medicade)
That is true if you want less than the best care available.
by pintail07
Tue Aug 08, 2017 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Is my current LTC policy relatively good?
Replies: 19
Views: 1131

Re: Is my current LTC policy relatively good?

I refuse to sell Genworth, although they were my go to carrier in the 90's. They are BBB+ with AM Best and around a 50 Comdex rating. In addition, they are taking applicants that other Carriers, like Mutual of Omaha and Transamerica are turning down. Mutual of Omaha is a company with great rates and...
by pintail07
Tue Aug 08, 2017 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Is my current LTC policy relatively good?
Replies: 19
Views: 1131

Re: Is my current LTC policy relatively good?

westrichj312 wrote:To me it's just a waste of money odds are you will never use it and were probably sold it by some investment advisor.

At age 65 what do you think those odds really are and at what point do you think the odds make it worthwhile to look at, 50%?
by pintail07
Tue Aug 08, 2017 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Is my current LTC policy relatively good?
Replies: 19
Views: 1131

Re: Is my current LTC policy relatively good?

Your best bet is to talk with an independent LTC specialist. Let them explain what options are available, the good and the bad, what is guaranteed and what isn't, history of rate increases, and a complete analysis of asset bases policies. What options are available will be dependent on the state you...
by pintail07
Tue Aug 08, 2017 7:57 am
Forum: Investing - Help with Personal Investments
Topic: Checkup for 74 yr old MIL
Replies: 6
Views: 805

Re: Checkup for 74 yr old MIL

When looking at LTC insurance, make sure your agent explores the asset based policies.
by pintail07
Sun Aug 06, 2017 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Mom made a mistake? Annuities
Replies: 51
Views: 4852

Re: Mom made a mistake? Annuities

The only fees I have seen on these annuities are for the income riders.
by pintail07
Tue Aug 01, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Trouble with Universal Life Insurance Policy
Replies: 19
Views: 1648

Re: Trouble with Universal Life Insurance Policy

Surprised the policy hadn't crashed prior to now. At the time it was issued projected rates were 6-7% or more. If rates had stayed the way as projected but alas they nosedived and are staying there. Few folks overfunded the policies and now the mess is showing up and has been for several years. The ...
by pintail07
Mon Jul 24, 2017 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: NYT Medicaid Article
Replies: 16
Views: 2558

Re: NYT Medicaid Article

Many of those considering planning to spend down assets, IMO, are being encouraged to do so by their heirs. I have a difficult time believing they would prefer care in a Medicaid facility if they truly understood. Usually, it's the exact same care as an insured patient would receive. Now, there is ...
by pintail07
Sun Jul 23, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: NYT Medicaid Article
Replies: 16
Views: 2558

Re: NYT Medicaid Article

Many of those considering planning to spend down assets, IMO, are being encouraged to do so by their heirs. I have a difficult time believing they would prefer care in a Medicaid facility if they truly understood.
by pintail07
Tue Jul 18, 2017 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance Questions before I buy
Replies: 8
Views: 640

Re: Term Life Insurance Questions before I buy

Make sure to use an agent that is independent and knows the height weight tables of each carrier, some are more lenient than others. The application will ask if you have lost any weight in the past year and if yes will add that back to current weight. Weight has to be off a year.
by pintail07
Sun Jul 16, 2017 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Looks like a plan. But, my question was how to plan for a long tail claim? Good luck.
by pintail07
Fri Jul 14, 2017 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Temp Whole life insurance for uninsurable person
Replies: 10
Views: 736

Re: Temp Whole life insurance for uninsurable person

What country is he traveling? Are they denying because of the country he is visiting? What makes him uninsurable?
by pintail07
Thu Jul 13, 2017 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Sale of Oil/Gas Royalty
Replies: 21
Views: 1006

Re: Sale of Oil/Gas Royalty

I wonder why the U S Geological Service and many of the oil guys I have talked with think it is "mammoth". I guess that is neither here nor there really. :happy
by pintail07
Thu Jul 13, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Sale of Oil/Gas Royalty
Replies: 21
Views: 1006

Re: Sale of Oil/Gas Royalty

Our family has an interest in 87 wells in Glasscock County Texas in the Permian Basin. We get offers almost weekly. The big discovery there announced in November has really brought out the buyers trying to buy low.. Only one of our wells is a horizontal well so we foresee a big upside in frakking th...
by pintail07
Wed Jul 12, 2017 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

So for 100K paid up front, the salesman takes 4-6K off the top, and the buyer gets a 6K per month for 25 months (150K max) or 5.3K per month for life (132.5K over 25 months, average stay 28 months). Good deal for the salesman, but can't see how it is good for anyone else. Especially when you factor...
by pintail07
Tue Jul 11, 2017 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

So for 100K paid up front, the salesman takes 4-6K off the top, and the buyer gets a 6K per month for 25 months (150K max) or 5.3K per month for life (132.5K over 25 months, average stay 28 months). Good deal for the salesman, but can't see how it is good for anyone else. Especially when you factor...
by pintail07
Tue Jul 11, 2017 8:13 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

So for 100K paid up front, the salesman takes 4-6K off the top, and the buyer gets a 6K per month for 25 months (150K max) or 5.3K per month for life (132.5K over 25 months, average stay 28 months). Good deal for the salesman, but can't see how it is good for anyone else. Especially when you factor...
by pintail07
Mon Jul 10, 2017 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Self insuring LTC
Replies: 15
Views: 1390

Self insuring LTC

For those planning to self insure, how many years of care do you reserve per person?
by pintail07
Sun Jul 09, 2017 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

The standard answer is that one takes no more risk than one needs to take, therefore reduced need means investing more conservatively. One might say the policy should be purchased out of equities because the return needed to support larger expenses is no longer needed. Others might consider LTCI to...
by pintail07
Sun Jul 09, 2017 7:30 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

In my opinion, for many, buying LTCI reduces need to take risk, increases ability to take risk, and keeps willingness constant. These sortof cancel, leaving a constant AA. The standard answer is that one takes no more risk than one needs to take, therefore reduced need means investing more conserva...
by pintail07
Sat Jul 08, 2017 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

In my opinion, for many, buying LTCI reduces need to take risk, increases ability to take risk, and keeps willingness constant. These sortof cancel, leaving a constant AA. The standard answer is that one takes no more risk than one needs to take, therefore reduced need means investing more conserva...
by pintail07
Sat Jul 08, 2017 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

The future of the LTC insurance industry, IMO, lies with the hybrid policies. I will post a summary of options, advantages and disadvantages. I read over your summaries,but I disagree with hybrid policies. They aren't suitable for soem folks. One should not combine insurance with investing, in my o...
by pintail07
Sat Jul 08, 2017 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Regarding inflation protection, one must weigh the cost versus the benefit. For example, it takes around 15 years for the benefit with inflation to match the initial benefit without inflation, assuming the same initial premium.
by pintail07
Sat Jul 08, 2017 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

In my experience, no one buys these policies without the lifetime rider. Can you give us an illustration of policy premiums with and without the rider? For the example, let's say it's a 65 year old female in good health. When you have the rider what is the maximum annual reimbursement rate after th...
by pintail07
Fri Jul 07, 2017 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Regarding claims being paid, only problem claims are publicized out of millions of claims. Visit with nursing home claims department supervisors and ask them the companies that slow walk claims, I have and they all told me the very best company was Genworth Genworth's future in the LTC business may...
by pintail07
Fri Jul 07, 2017 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

This is a pretty scary policy. 100k in immediate premiums for a 170k death benefit - without the unlimited ltc rider? Umm, not that I have seen. The hybrid policies allow you to drain the life insurance benefit or a portion thereof. They are not unlimited. And since life insurance payout is a certa...
by pintail07
Fri Jul 07, 2017 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Regarding claims being paid, only problem claims are publicized out of millions of claims. Visit with nursing home claims department supervisors and ask them the companies that slow walk claims, I have and they all told me the very best company was Genworth
by pintail07
Thu Jul 06, 2017 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

The contract is whatever it is. They will abide. The shell game is in the annuity premium they charged you at the start. As mentioned you would probably have been better served with first getting an annuity w/o rider and then later when you get ill and look towards LTC, an annuity that pays a highe...
by pintail07
Thu Jul 06, 2017 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

The annuity lifetime coverage is a redirect of an already lifetime income stream that is funded by a large initial premium. Be careful of the shell games that can be played with that. What kind of shell game could be played when benefit, benefit period and premium are contractually guaranteed. Wher...
by pintail07
Thu Jul 06, 2017 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

neilpilot wrote:
pintail07 wrote:
I am meeting with a wealthy attorney tomorrow that read about these policies in the Law Review.


Do you plan to make this attorney even more wealthy :)


Perhaps if he understands the potential risk of a long LTC claim and the minimal cost of covering that risk. Why do you ask? Odd question.
by pintail07
Thu Jul 06, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Umm, not that I have seen. The hybrid policies allow you to drain the life insurance benefit or a portion thereof. They are not unlimited. And since life insurance payout is a certainty vs a potential the insurance co can price better. There is a big misconception in the post quoted below and sever...
by pintail07
Thu Jul 06, 2017 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

[quote="edge"]There is a big misconception in the post quoted below and several others in this thread. LTC policies do not cover tail risk. They just don't. It is not part of their design anymore and hasn't been for a very long time. Some of the Hybrid policies cover for life and rates are...
by pintail07
Thu Jul 06, 2017 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Another problem with older LTC policies they were not medically underwritten as close as they are currently. Many of the prior policies would never be issued with current underwriting.
by pintail07
Tue Jul 04, 2017 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

It is not worth it. The reason is because actuaries don't understand the risks well. So they have to make the IRR huge to make up for it. I use to feel the same way, and quit offering it to my clients. However, they know much more now, folks don't lapse their policies, they can't earn much more tha...
by pintail07
Tue Jul 04, 2017 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Are premium escalations defined when buying the policy? It's pretty scary to think that one could pay premiums expecting to be provided for when needed only to have the premium double one year, double again, double again..... I've paid attention to some of the numbers talked about.....averages........
by pintail07
Tue Jul 04, 2017 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

another option, due to family histories and being child free we went this route after genworth gouged us out. m Saw a recent illustration where couple in their 60's deposit 200,000 into policy, initial benefit for each is 8000 per month with a 3% benefit increase each year. Lifetime benefit, all gu...
by pintail07
Tue Jul 04, 2017 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

Long tern care insurance is expensive and long term care is very expensive. My advice is to spread sheet all options, including traditional insurance and the asset based hybrids. Expose everything that is guaranteed and what is not guaranteed. Determine where you want care.
by pintail07
Tue Jul 04, 2017 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10088

Re: Long term care insurance - is it worth it?

For those planning to use self insure option, how much do you plan to set aside for LTC? Do you segregate that amount in a separate account? If married, do you set aside enough for both?
by pintail07
Sun Jul 02, 2017 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid irrevocable trust- any experiences?
Replies: 46
Views: 2278

Re: Medicaid irrevocable trust- any experiences?

Care planning is not easy, and most folks don't get all the facts.
by pintail07
Sun Jul 02, 2017 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid irrevocable trust- any experiences?
Replies: 46
Views: 2278

Re: Medicaid irrevocable trust- any experiences?

Once again, assuming that everyone is alike is a flawed thought process. You should meet my 89 y/o MIL. That is exactly the option she chose. But she is well aware that once she has to leave her home and can't work in her yard and garden, she would prefer to be dead. And she almost certainly will b...
by pintail07
Sun Jul 02, 2017 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid irrevocable trust- any experiences?
Replies: 46
Views: 2278

Re: Medicaid irrevocable trust- any experiences?

So what would you do for your inlaws who have a 1.2 mil portfolio (which is our inheritance)with little chances of needing it for retirement other than long term care? Buy a long term care policy, set up a trust with all or some % of the money, gift parts of it to kids/grandkids over the next few d...
by pintail07
Sun Jul 02, 2017 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Medicaid irrevocable trust- any experiences?
Replies: 46
Views: 2278

Re: Medicaid irrevocable trust- any experiences?

Is it still possible to buy a policy that will cover most future care at the facility of ones choice for as long as needed to avoid using this type of trust? I have heard the LTC market is unstable with increases in premiums. There is only one company I am aware of that still offers lifetime benefi...
by pintail07
Sun Jul 02, 2017 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Medicaid irrevocable trust- any experiences?
Replies: 46
Views: 2278

Re: Medicaid irrevocable trust- any experiences?

Rather than planning to use an inferior option like Medicaid, they should review placing a portion of the assets in a hybrid LTC policy. No future premiums guaranteed, choice of care ie home or facility and lifetime benefits and still preserve most of their assets. The hybrid policies combine long-...
by pintail07
Sun Jul 02, 2017 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Medicaid irrevocable trust- any experiences?
Replies: 46
Views: 2278

Re: Medicaid irrevocable trust- any experiences?

Medicaid is not inferior care, it is not care at all. It is state assistance for paying for care. You can choose any nursing home; some accept medicaid as payment in full and some want additional. So if you transfer assets to a child 5 years before the need, you can go to any nursing home. The chil...