Search found 237 matches

by pintail07
Thu Oct 19, 2017 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance
Replies: 36
Views: 1514

Re: Whole Life Insurance

Based on current information I would be hesitant surrendering policy unless parents are planning on investing aggressively. Seems like at least for this year they are getting about a 5% return. I would review every year and wait till I see a downturn in yield.
by pintail07
Thu Oct 19, 2017 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance
Replies: 36
Views: 1514

Re: Whole Life Insurance

What is the current cash value?
by pintail07
Tue Oct 17, 2017 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Help picking apart whole life insurance cash value
Replies: 39
Views: 1519

Re: Help picking apart whole life insurance cash value

To understand dividends, one must consider the underlying assets in the reserves. Each year older assets (like 30 year treasuries) with higher yields are maturing and being replaced with much lower yields. So, dividends could be eschewed by the benefit of older assets are yielding higher returns. It...
by pintail07
Tue Oct 17, 2017 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Help picking apart whole life insurance cash value
Replies: 39
Views: 1519

Re: Help picking apart whole life insurance cash value

You seem to be convinced. You should go forward with your plan.
by pintail07
Tue Oct 17, 2017 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Premier Choice being suggested by agent for health insurance
Replies: 17
Views: 6718

Re: Premier Choice being suggested by agent for health insurance

I have two nephews that sell the product and tried to show them my concerns. They are making so much money it clouds their decision. They tell me they are overwhelmed with business and it isn't even OEP. They have a typical monthly premium of 400, they get 25%, 100 and then get the whole commission ...
by pintail07
Tue Oct 17, 2017 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Premier Choice being suggested by agent for health insurance
Replies: 17
Views: 6718

Re: Premier Choice being suggested by agent for health insurance

You must really understand all the moving parts. Their biggest problem is the agents. They lie about everything. You can have rider that you can exercise that limits out of pocket to 5000. However, you will have an additional premium of the lowest cost bronze plan you must pay till end of year then ...
by pintail07
Tue Oct 17, 2017 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Help picking apart whole life insurance cash value
Replies: 39
Views: 1519

Re: Help picking apart whole life insurance cash value

You seem to be trying to hard to justify the WL????
by pintail07
Tue Oct 17, 2017 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting modest assets (house/IRA) from Medicaid/taxes
Replies: 9
Views: 579

Re: Protecting modest assets (house/IRA) from Medicaid/taxes

Why even consider using Medicaid with her house and IRA? If care is needed don't just rely on Medicaid, let her have the best care available until it runs out then use Medicaid. Does SHE want to rely on Medicaid? Has she visited facilities that accept Medicaid and compared that with private pay only...
by pintail07
Tue Oct 17, 2017 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Help picking apart whole life insurance cash value
Replies: 39
Views: 1519

Re: Help picking apart whole life insurance cash value

The agent makes between 80-100% commission on first year premium. Only look at what is guaranteed. I am a broker and haven't shown a whole life policy in 30 years.
by pintail07
Mon Oct 16, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage
Replies: 1
Views: 206

Medicare Advantage

Does Medicare advantage plans cover the co pay for the 80 days of facility care like a supplement does?
by pintail07
Sat Oct 14, 2017 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Help me understand what happens with the new law and ACA subsidies
Replies: 80
Views: 5600

Re: Help me understand what happen with the new law and ACA subsidies

That is not really a good option. Years ago when even an employer provided plan would exclude preexisting conditions I know someone that took a new job and about a year later they had a small growth in their nose that the doctor did a routine biopsy of to see if it was cancer. The insurance company...
by pintail07
Sat Oct 14, 2017 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Help me understand what happens with the new law and ACA subsidies
Replies: 80
Views: 5600

Re: Help me understand what happen with the new law and ACA subsidies

And for those of us who prefer to be self-employed, the choices are? I've bought my own health insurance my entire adult life, because I've never had a job. I was doing this well before the ACA. So if I'm pushed out of the federal Marketplace, are insurers even offering private plans any more? Is t...
by pintail07
Thu Oct 12, 2017 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Amazon survey scam
Replies: 4
Views: 764

Amazon survey scam

Beware of receiving an email asking for you to take a survey and receiving a free gift, total scam.
by pintail07
Sun Oct 08, 2017 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Find a broker that will show you all options from many companies
by pintail07
Fri Oct 06, 2017 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Compare the cost to wait combined with the risk of a change in insurability.
by pintail07
Fri Oct 06, 2017 6:54 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

The life insurance amount is small, enough to return the deposit if not used
by pintail07
Thu Oct 05, 2017 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Please note that my opinions are just that - uninformed opinions. My only experience with this area is with previously helping a close family member with an LTCI decision. I feel that some sellers have the potential to focus on calculating their commissions too much and don't spend enough time seei...
by pintail07
Thu Oct 05, 2017 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Average stay is 835 days according to National Care Council. In addition, 80 per cent of LTC claims are not for nursing homes. People usually start off at home then to assisted living before ending up in a nursing home,
by pintail07
Thu Oct 05, 2017 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

If one believes the HHS, the probability of needing some LTC after age 65 is 70 per cent. Pretty high probability don't you thin?
by pintail07
Thu Oct 05, 2017 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

We already know how the sellers calculate.

How do they calculate different than the buyers?
by pintail07
Tue Oct 03, 2017 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Think I Should Dump this Whole Life Policy
Replies: 13
Views: 1147

Re: Think I Should Dump this Whole Life Policy

Be careful 1035 into annuity and cashing in prior to age 591/2. Think there would be an IRS penalty.
by pintail07
Tue Oct 03, 2017 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance with long term care rider
Replies: 6
Views: 631

Re: Life insurance with long term care rider

The best way to understand is try to find someone that is very familiar with these products and traditional policies and ask them to educate you. I know some think there is no way a broker can be objective, actually some are. I tell my clients that I am happy to go over all the information with thei...
by pintail07
Mon Oct 02, 2017 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Traditional policies the major competitive players are Transamerica and Mutual of Omaha
None have guaranteed rates.
by pintail07
Mon Oct 02, 2017 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Past problem with Universal Life assumptions
Replies: 7
Views: 407

Re: Past problem with Universal Life assumptions

I would never, ever recommend buying a life policy based on non guaranteed assumptions.
by pintail07
Mon Oct 02, 2017 8:44 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Rate increases and lack of lifetime coverage is the reason the asset based policies are gaining traction.
by pintail07
Sun Oct 01, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 840

Re: Life insurance policy

delamer wrote:
Sun Oct 01, 2017 7:52 pm
pintail07 wrote:
Sun Oct 01, 2017 7:48 pm
200,000 Preferred
Twenty year rate 1200 annually

Age 105 3500 annually
Your earlier post said that coverage to 105 would be cheaper.
No, I said the cheapest policy for lifetime coverage was the term to 105. Twenty year term only covers to age 80
by pintail07
Sun Oct 01, 2017 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

According to this article http://obliviousinvestor.com/buykeep-ltc-insurance/ there is a 15.2% chance to incur a cost that exceeds $250K. With the potential that you may never need to use the insurance, the rates will likely increase over time and the insurance company may fail/default, I'll self i...
by pintail07
Sun Oct 01, 2017 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 840

Re: Life insurance policy

It was not preferred plus, but many of my clients do qualify for preferred at this age. But regardless, just an example.
by pintail07
Sun Oct 01, 2017 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 840

Re: Life insurance policy

200,000 Preferred
Twenty year rate 1200 annually

Age 105 3500 annually
by pintail07
Sun Oct 01, 2017 7:40 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 840

Re: Life insurance policy

I would find an independent agent and let him give options for term to 105 and twenty year term. Explain the term to 105 premium is unaffordable and see if they will compromise.
by pintail07
Sun Oct 01, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 840

Re: Life insurance policy

I work with many divorce attorneys and their clients and when coverage might be needed for life a term to age 105 is the least expensive
by pintail07
Sun Oct 01, 2017 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 840

Re: Life insurance policy

How long does he need coverage? How is their health? What state? Lots of questions
by pintail07
Sun Oct 01, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Life insurance with long term care rider
Replies: 6
Views: 631

Re: Life insurance with long term care rider

It is never bought for the life insurance benefit. It is bought for the LTC benefit and the life insurance is payable if no claims
by pintail07
Sun Oct 01, 2017 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Life insurance with long term care rider
Replies: 6
Views: 631

Re: Life insurance with long term care rider

The policies that offer lifetime benefits are very attractive. Premiums and benefits are guaranteed. For those that can afford the initial deposit, why not pay pennies on the dollar for potential claims and if benefits never needed the deposit is returned. Ask your advisor to spreadsheet all asset b...
by pintail07
Sun Oct 01, 2017 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

as hybrid insurance/investment products (like whole life with a LTC rider) are very complex and often have high fees.
Complex in what way? Fees, everything is guaranteed. What are the published fees you refer?
by pintail07
Sat Sep 30, 2017 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

That is hands down the biggest reason my clients buy LTCI.
by pintail07
Sat Sep 30, 2017 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

41 percent of all folks receiving LTC are under 65
by pintail07
Fri Sep 29, 2017 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

I agree that these products are not appropriate for you. Rate increases are a fact of life for most all insurance.
by pintail07
Fri Sep 29, 2017 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Some believe that the companies are now using more accurate data to predicate premiums and that creates more rate stability. In addition, many states have made it much more difficult for companies requesting rate increases. But, like most insurance like health,car and home rates are never guaranteed.
by pintail07
Fri Sep 29, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

One thing I have noticed about some, not all group LTC, and the reason their rates are so much less, is that many of the plans only pay 50-60% of the daily benefit for home care and assisted living, were 80% of all long term care claims come from. But wouldn't they pay for twice as long and therefo...
by pintail07
Fri Sep 29, 2017 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5756

Re: Question About Long Term Care

Should I invest in a Long Term Care Insurance product? As I look at my overall portfolio and what I am projecting once retired, I am questioning if I should take out a LTC Insurance or consider cash flowing the possibility of the future expense. I've not investigated the products in depth but could...
by pintail07
Tue Sep 26, 2017 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: When does whole life make sense ?
Replies: 14
Views: 1762

Re: When does whole life make sense ?

CAbsolutely correct. Just provides liquidity for pennies on the dollar.
by pintail07
Mon Sep 25, 2017 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Term 80 with Northwestern Mutual thinking of making the switch to Term 30
Replies: 6
Views: 604

Re: Term 80 with Northwestern Mutual thinking of making the switch to Term 30

I suggest buying 30 year term then reduce when appropriate. Only one policy fee and policy banding might lower cost per thousand. Northwestern Mutual is not known for the lowest term rates, shop around.
by pintail07
Sun Sep 24, 2017 8:20 am
Forum: Personal Finance (Not Investing)
Topic: When does whole life make sense ?
Replies: 14
Views: 1762

Re: When does whole life make sense ?

As an insurance broker for over 30 years, I see no value of whole life. My high net worth clients that need liquidity buy the no lapse "term to 120" policies. Much lower premiums and virtually no cash value. Whole life is mostly pushed by career agents for large mutual companies or pushing an agenda...
by pintail07
Wed Sep 20, 2017 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Paying premiums for life insurance policy in Irrevocable Trust
Replies: 8
Views: 411

Re: Paying premiums for life insurance policy in Irrevocable Trust

My experience with Irrevocable trusts is they typically set up a trust checking account. The premium is gifted to the trust then the trustee notifies the beneficiaries they have 30 days to claim their portion of the gift. After 30 days the trustee then pays the premium. It is my understanding this h...
by pintail07
Tue Sep 19, 2017 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Short term disability insurance
Replies: 19
Views: 885

Re: Short term disability insurance

As a disability broker the private insurance will factor in after tax benefit of the group plan and allow you to add individual coverage up to the max they will blend.
by pintail07
Tue Sep 19, 2017 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Short term disability insurance
Replies: 19
Views: 885

Re: Short term disability insurance

Premium seems high.
by pintail07
Wed Sep 13, 2017 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice for young parents in Massachusetts
Replies: 33
Views: 2699

Re: Estate planning advice for young parents in Massachusetts

The attorney seems to be using an elephant gun to kill a flea.
by pintail07
Tue Sep 12, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Brother in College Co-Signing w/ Buddy for Duplex
Replies: 41
Views: 3026

Re: Brother in College Co-Signing w/ Buddy for Duplex

Never, ever cosign. Reread. Even with very best friends, never, ever. I did it, total worst case happened.
by pintail07
Thu Sep 07, 2017 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 8551

Re: Protecting moms assets from nursing home expenses

TravelforFun wrote:
Thu Sep 07, 2017 7:36 pm
Who would want to give away all their assets to others including their kids so they can stay in a government assisted facility?
Baffles me why one would do that.