Long Term Care Insurance

[QuarterMillionMan]

Yes, I can afford to keep my current policy but was curious to get a quote on a reduced policy. And I won't need to reduce my trips to Tijuana, Las Vegas, or buying bitcoin, lol. But I like your calculations and estimates.

[LivingAlmostLarge]

What is the reduced policy? What is the difference?

[QuarterMillionMan]

TBD, my insurance guy is currently working on it and will email it to me this upcoming week.

[LivingAlmostLarge]

TBD, my insurance guy is currently working on it and will email it to me this upcoming week.

I meant what is the difference coverage wise on the reduced policy

[QuarterMillionMan]

I asked him to reduce my coverage by 50%.

[QuarterMillionMan]

Some people here must be wondering if I forgot about this, nope. My agent is new and slow. Today he said that I should be getting the paperwork next week for a $5000 policy a month for 3 years. Also today is the due date deadline for my $2700 annual premium for a $10,000 policy but he said it has a 60 grace period so if I don't accept the revised policy to pay for this policy.

[QuarterMillionMan]

As promised so I'm posting this FYI, albeit it took them 1 month to revise my policy, the new max monthly benefit amount to $5000 is now an annual premium of $1347.08. This is exactly what I wanted so I signed and dated the statement and will mail it back tomorrow.

[LivingAlmostLarge]

So half the premium for half the coverage?

[QuarterMillionMan]

Correct.

[LivingAlmostLarge]

can they raise the annual premium?

[QuarterMillionMan]

Yes and it’s almost always they increase it. For 1/2 the coverage I thought it’d be more. You know how when you buy a smaller size of something it’s not proportionally reduced in price.