Quote:
Originally Posted by RichieB
....My wife wanted to get LTC and we investigated several plans through several companies. The general consensus was that LTC premiums were geared to providing benefits for 3 years in a nursing home. It is EASY to outlive these benefits ! Then what ?!!
also, you have to be careful in dealing with insurance people. Sometimes they do not have your best interests at heart - they have their own - in the form of COMMISSIONS !! Many sell you a policy that will take care of THEM and pay the highest commission. I learned this one the hard way, too.
In the end, bottom line, BE CAREFUL.
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A couple of big, big points there.
When it comes to insurance companies it's all about statistics, actuarial tables, and commissions. They are not public service, their purpose is to take your money out of your pockets and put it in theirs for the benefit of their investors (which could be you and me maybe!)
Always, ALWAYS ask the broker how he's to get paid. If his income depends on your financial decisions, be careful. If he's paid whether or not you sign up, you're obviously safer. That's why annuities are always a no-no to me.....the salesperson (he's NOT a financial advisor, he's a SALESPERSON!) gets 8.5% commission the minute you sign so, tell me, whose financial interest does he really have in mind?