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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This is OP.  Got a quote though nationwide for both single and for shared.

Single, 4 years of coverage, starts at $5k a month but compounds 3% a year starting in year one (at age 85 payout would be about $13k a month), $120k life insurance if never used (down dollar for dollar to guaranteed $24k life insurance if max benefits used), indemnity policy with 90 day elimination period (but after claim is approved you get four months of payment lump sum) for $70k-ish if paid in a lump sum or $8400 a year for ten years. Rate is locked.

Shared is eight years with $180k life insurance (or $18k if benefits used).  Same other terms for $120k-ish lump sum or about $14,300 a year spread out over ten years.

My mom is now up to $38k a month when you add in her 24/7 caregivers.  And she’s needed help for 2.5 years so far although in retrospect I probably should have moved her into assisted living a year earlier.  My dad only needed additional care for about a month with cancer because we took care of him at home (although this policy does pay out for family and friend caregivers).  If he’d had insurance maybe we would have sought help sooner.  Either way I think a four year plan per person is more than enough.  I’m actually having them quote me a six year shared.

It’s a ton of money for these policies but this is a potentially catastrophic event that can be somewhat mitigated with the insurance.  I’m still on the fence but leaning toward it.  Probably panicking because I’m in the thick of it right now.  My mom’s cost of care is probably cumulative $500k+ at this point.  And that’s at today’s rates.  And although she’s been placed into hospice she’s been bouncing back since that last fall (probably due to the 24/7 caregivers).[/quote]

I’m really sorry for what you are going thru.

Leaving aside the COLA  for now it sounds like this policy costs $70k and pays a max of $240k over 4 years.  I guess I’d think about what I could do with that 70k as an alternative.

These questions aren’t easy but if you have the ability to pay a six figure premium I wonder if you are the best candidate for insurance. [/quote]

It’s $70k for the coverage but the payout would depend on when the coverage was needed.  If I didn’t start taking the benefits until age 80 it would pay out $591k if I used all four years due to the 3% compound interest.

If I started taking benefits in the first year the total four year payout would be $251k.[/quote]

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