Quote:
Originally Posted by lee60car
Yes, buy it. Lord willing you will never need it. You go to bed one night and wake up in Heaven. How long have you had home ins? car ins? medical ins? How much have you paid for those over the past 50 years? Odds of your house burning down is 1 - 1200. Odds of needing care is 7 - 10 people. We're living much longer. Very few of us leave this world without some kind of care. People don't consider "care" when a family member is doing it. I sold LTC insurance for years. I saw what a family endured when someone needed help with just the basic things - grocery shopping, meal prep, appointments, house maintenance, etc. Someone has to do those things. What will be the health of those trying to take care of you. If you have care for 6-12 months, you will recoup all of your premiums. I could go on and on. Seek advice from your financial planner.
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Excuse me, but your math does not make any sense at all. If you sold LTC insurance and 70 percent of the people who bought it needed care and they recovered all of their premiums in 6-12 months, how did the company make any money, or even be able to pay the claims? How did they pay for the people who needed care for 5 or 10 years? How did they pay your salary, commissions, and company overhead? It just does not add up.