Whole Life Insurance Q

[LivingAlmostLarge]

Anyone here have whole life insurance? Why did you buy it? At what age? Why did you buy it? And are you happy you did? And did you buy it for a LTC rider?

We have a LTC policy and i am not thrilled with it. Thank you WA. But I'm looking at a small whole life policy with LTC rider which will be more but cheaper than the LTC policy we have. So that's the background.

I just have never wanted to do whole life before but the situation we're in means i'm definitely looking at it.

[Like2Plan]

I am not a fan of whole life insurance. (The particulars on the policy might make a difference.)
But, the LTC insurance rider on the life insurance policy might be a better bet than a regular LTC insurance policy. I’ve had a LTC policy for almost 20 years and have had them raise the premium (or reduce the coverage) several times. I’ve been told the hybrid LI/LTC policy would avoid that problem.

[myrdale]

I have a 30 year term policy. My understanding of whole life is it is almost never worth the value. There is some curve to figure what the break even point is, but its on the order of a decade or two. My personal advice would be drop the policy if you haven't reached that point. My sister has had life insurance policies on my niece and nephew since birth. That is insane in my opinion.

For comparison, my 30 year term started at about age 25 and is $120 per year. The whole life policy would have been $700 per year. In both cases for $100,000 pay out.

[LivingAlmostLarge]

I am not a fan of whole life insurance. (The particulars on the policy might make a difference.)
But, the LTC insurance rider on the life insurance policy might be a better bet than a regular LTC insurance policy. I’ve had a LTC policy for almost 20 years and have had them raise the premium (or reduce the coverage) several times. I’ve been told the hybrid LI/LTC policy would avoid that problem.

Our term is definitely cheap and worth it. But my concern is being forced into our LTCI and the premiums are going up. Thus I'm wondering if we shouldn't move into a hybrid whole life and LTCI because I think the LTCI is a total waste. whole life? Probably as well, but being forced into LTCI it makes me think that I'm really flushing money down the toilet. Unfortunately I was going to cancel the LTCI but it appears we may have to prove our LTCI is annually so i can't give up a policy that sucks, i dont think we'll ever use and expensive. And it's going up.

So more than a few friends did the whole life with rider, so I was thinking maybe that's just a better option if i"m going to flush money down the toilet.

If I don't have the LTCI the state will tax us for it. So not having it is NOT an option.