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Old 10-01-2017, 07:48 AM
 
Location: Massachusetts
207 posts, read 131,998 times
Reputation: 533

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Quote:
Originally Posted by LTCShop View Post
A well-diversified, mutual insurance company founded over 100 years ago in partnership with the most experienced long-term care insurance developer (with 22 straight years of profitability in long-term care insurance.)

Not every company has lost money on long-term care insurance. There are some companies that know what they are doing in the LTCi market.

Request #2:

Can you share the actual name of the insurance company?
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Old 10-02-2017, 10:21 AM
 
Location: LTCShop.com
236 posts, read 113,208 times
Reputation: 151
Quote:
Originally Posted by HopHillers View Post
Request #2:

Can you share the actual name of the insurance company?


sorry about that.
I don't visit this board very often.


https://www.nglic.com/simproducts



They are licensed in every state, except NY.
They were founded in 1910.
They are a mutual company, not a stock company.
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Old 10-02-2017, 11:00 AM
 
8,197 posts, read 11,913,206 times
Reputation: 17979
Quote:
Originally Posted by oldsoldier1976 View Post
The difference is collision insurance covers other's in the event of an accident and makes sense since they can sue you if you don't. LTCi is covering you not your heirs, not someone that might mow your lawn. It is not mandated. In most states collision insurance is mandated. Homeowner's insurance is mandated by your mortgage company.
You've provided great info on LTCi, but you're apparently not as well-versed on car insurance. Collision does not cover others and you can't be sued if you don't have it. Moreover, collision coverage is not mandated by any state. Collision provides coverage for the repair of your own car when you are at fault and in certain other circumstances.
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Old 10-02-2017, 11:22 AM
 
Location: Central Massachusetts
4,800 posts, read 4,847,776 times
Reputation: 6379
Quote:
Originally Posted by MadManofBethesda View Post
You've provided great info on LTCi, but you're apparently not as well-versed on car insurance. Collision does not cover others and you can't be sued if you don't have it. Moreover, collision coverage is not mandated by any state. Collision provides coverage for the repair of your own car when you are at fault and in certain other circumstances.
Mia culpa. I was mistaken. Though car insurance is mandated in our state. Minimum is to cover damage done to others. I have had cars that I didn't cover but had to have insurance for. So sorry for the mistake but my point still remains. I thank you for correcting me.
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Old 10-02-2017, 12:35 PM
 
Location: LTCShop.com
236 posts, read 113,208 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
Mia culpa. I was mistaken. Though car insurance is mandated in our state. Minimum is to cover damage done to others. I have had cars that I didn't cover but had to have insurance for. So sorry for the mistake but my point still remains. I thank you for correcting me.
Why would someone with a 7-figure net worth conclude it doesn't make sense to insure for long-term care, yet it does make sense to insure a vehicle that is worth less than $50,000?

Doesn't that seem inconsistent?
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Old 10-02-2017, 01:02 PM
 
3,093 posts, read 821,997 times
Reputation: 1750
Quote:
Originally Posted by LTCShop View Post
Why would someone with a 7-figure net worth conclude it doesn't make sense to insure for long-term care, yet it does make sense to insure a vehicle that is worth less than $50,000?

Doesn't that seem inconsistent?
Never really followed the car insurance discussion so sorry if I'm redundant here.

But for me it's all about asset-protection. A number of years ago, to get $2 million in liability coverage, my insurance company required $1 million on (separately) the auto and house policies then layered on the final $1million under the umbrella policy.

It's a LOT cheaper than LTCi and the cost isn't age dependent. You do what you can.

Likewise, our state only shields about $24,000 from any legal judgments etc. I'll be moving the condo into a trust for my daughter that will survive me providing a degree of asset protection for HER in the future against possible legal judgments, divorce. This isn't to plan for Medicaid (no interest in entering that system however it may look 20 years from now) and have no plans to move liquid assets into the trust. Made the initial decision YEARS ago, well before any thought of LTC.

That this is particularly appropriate for her, is due to a variety of reasons specific to our situation plus the property is somewhat unusual, not easily duplicated.

There are lots of tools around used to address a variety of situations, each requiring a certain cost-benefit analysis.

Here, a mere LTCi wouldn't provide the certainty that I want (for the condo). I haven't yet reached the stage of consulting a lawyer, but the (maybe?) $4 or $5,000 that it might cost to draft the trust or whatever legal format is chosen is again a fixed, onetime cost that I'm willing to incur for THAT planning segment.
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Old 10-02-2017, 04:04 PM
 
Location: LTCShop.com
236 posts, read 113,208 times
Reputation: 151
Quote:
Originally Posted by EveryLady View Post
Never really followed the car insurance discussion so sorry if I'm redundant here.

But for me it's all about asset-protection. A number of years ago, to get $2 million in liability coverage, my insurance company required $1 million on (separately) the auto and house policies then layered on the final $1million under the umbrella policy.

It's a LOT cheaper than LTCi and the cost isn't age dependent. You do what you can.

Likewise, our state only shields about $24,000 from any legal judgments etc. I'll be moving the condo into a trust for my daughter that will survive me providing a degree of asset protection for HER in the future against possible legal judgments, divorce. This isn't to plan for Medicaid (no interest in entering that system however it may look 20 years from now) and have no plans to move liquid assets into the trust. Made the initial decision YEARS ago, well before any thought of LTC.

That this is particularly appropriate for her, is due to a variety of reasons specific to our situation plus the property is somewhat unusual, not easily duplicated.

There are lots of tools around used to address a variety of situations, each requiring a certain cost-benefit analysis.

Here, a mere LTCi wouldn't provide the certainty that I want (for the condo). I haven't yet reached the stage of consulting a lawyer, but the (maybe?) $4 or $5,000 that it might cost to draft the trust or whatever legal format is chosen is again a fixed, onetime cost that I'm willing to incur for THAT planning segment.


If someone has a loan on their car, the creditor requires collision insurance to pay off the loan if, for example, the owner drives the car into a telephone pole and totals the car.

Once the car loan is paid off (or if the car was paid with cash from the beginning), collision insurance is not required.

Is your car free of any loan? If so, do you have collision insurance?
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Old 10-02-2017, 04:15 PM
 
Location: Central Massachusetts
4,800 posts, read 4,847,776 times
Reputation: 6379
Quote:
Originally Posted by LTCShop View Post
Why would someone with a 7-figure net worth conclude it doesn't make sense to insure for long-term care, yet it does make sense to insure a vehicle that is worth less than $50,000?

Doesn't that seem inconsistent?


You are thinking that we want to leave an inheritance that has to be probated and taxed. I am not interested in that. My wife and I saved this money for us. So for the next X years until we pass we plan on using that money. Quit trying to figure us out. You know I am right. You know I have the resources for everything short of a category 5 tornado. So if you want to sell people on LTCi please be my guess. I am not stopping you. I think in our case we do not need it. We are putting money towards our daughter's retirement now. Some of that is coming from our current assets so she will have her inheritance with less taxes. Please we know what we are doing.
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Old 10-02-2017, 04:41 PM
 
Location: LTCShop.com
236 posts, read 113,208 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
You are thinking that we want to leave an inheritance that has to be probated and taxed. I am not interested in that. My wife and I saved this money for us. So for the next X years until we pass we plan on using that money. Quit trying to figure us out. You know I am right. You know I have the resources for everything short of a category 5 tornado. So if you want to sell people on LTCi please be my guess. I am not stopping you. I think in our case we do not need it. We are putting money towards our daughter's retirement now. Some of that is coming from our current assets so she will have her inheritance with less taxes. Please we know what we are doing.


WOW!

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Old 10-02-2017, 05:05 PM
 
Location: LTCShop.com
236 posts, read 113,208 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
You are thinking that we want to leave an inheritance that has to be probated and taxed. I am not interested in that. My wife and I saved this money for us. So for the next X years until we pass we plan on using that money. Quit trying to figure us out. You know I am right. You know I have the resources for everything short of a category 5 tornado. So if you want to sell people on LTCi please be my guess. I am not stopping you. I think in our case we do not need it. We are putting money towards our daughter's retirement now. Some of that is coming from our current assets so she will have her inheritance with less taxes. Please we know what we are doing.

All I asked was if you had collision insurance and this is how you reply?
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