RSS FeedAnswers About Long-Term Care Insurance New York Times
About 15 years ago my parents purchased long term care insurance after lots of research. The bought the top of the line policy from the best rated company. Their experience raises at least one fundamental question for the whole topic - is it reasonable to make any long term bets on the insurance industry? Oh, the company they chose sold that business line to another insurer, so sorry. Oh, the insurance company decided to make some changes to the policies. You bought the insurance while you lived in NY but now are in Seattle - ah, then there are different state insurance regulators involved so the ‘no change’ policies can in fact be changed Oh, now you need the long term care coverage, well Washington state uses different terms for nursing homes vs retirement homes vs elder care centers, so what you want isn’t covered by your policy (even though the features are the same, just a different term). We will call that home care and give you a partial payment, even though it is a nursing home.
Short Term Life Insurance
Can you advise me on how to get the best of a short term life insurance to cover for a house mortgage?
Denny
Houston Texas
A short term life insurance, say for five or ten years, is good for people who are just starting out. People who are building their first house may find it a strain on their budget to get a permanent life with a higher face amount. What they can afford is probably a $25,000 coverage, which is low and not enough.
Getting the best of a short term life insurance means getting the lowest deal with the maximum coverage and using it to provide coverage while the family cannot afford a more expensive one.
Purchasing the lowest deal with the maximum coverage will not be difficult for you because a short term life insurance is way cheaper than the permanent one. If you have a mortgage for $250,000 on your newly-built house, you would not want that house to go to your creditors should something untoward will happen to you. Getting a $250,000 coverage could be enough to satisfy your house loan but how will your family survive? It is good if your wife has a well-paying job. But if her job is paying only the minimum wages, she would have difficulty raising your kids and sending them to good schools. This is a grim scenario but has happened to too many families.
What you should do is to get at least double that amount, and even four times of your annual income. Half-a-million term coverage only costs about $250 a year, which puts a million dollar coverage at about $500 to $600. That’s not a lot for insuring for family’s future.
Do not forget though that a term coverage is only to be used when there are no funds to buy a permanent one with a higher face amount. Once you have the financial flexibility later on, buy the permanent plan and still continue with the term plan if you want to.
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