Tell me what you think..
I've been thinking: Should long term care insurance be treated as a life insurance or a health insurance? I saw on acsia.com, and I personally think, that it should be the latter because of the obvious similarity that both insurances have, its ground and the standards. However some life insurance has long term care features (albeit limited) which can be paid independently. Not to that mention that companies are allowing their member's life insurance policies to pay for their LTC needs. It's a little tangled, don you think?
I think LTC works best when it is incorporated into life insurance because it guarantees some form of benefit. Whereas a traditional LTC policy, while less expensive than buying it as a life insurance rider, can leave you with nothing after decades of policy premiums if the carrier opts to leave the LTC business as many are doing. But independently LTC is most certainly not life insurance by definition, as the benefit is not trigger by mortality. But from a financial planning perspective, I believe those that can both afford LTC and have a need for it will often be best suited by buying it as a rider on a permanent life policy...often with a decreasing death benefit. Such policy are very effective in the area of small business planning and buy sell agreements.
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by pinoyconnection3 years ago
is life insurance worth it?
by Dumbura8 years ago
what is the benefit of self-insurance when comapared to passing on risk to insurer?
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