No. of Recommendations: 0
I bought a dividend paying permanent whole life insurance policy for my wife at 42 years old that accumulates cash value of $650,000 and a larger death penalty when she is 90. That should be enough for long term care for her. I pay $14,900 for six annual instalments and the IRR based on the forecast of dividends is a tax free 4.5% return. If we don't use the cash value for long term care, the estate has a large asset.

Then we bought a second to die permanent dividend paying whole life insurance policy for both of us that has a 20 year monthly premium and we will have $360,000 of cash value when I am 89. The IRR is 2.8% tax free.

We are covered for long term care and have an asset for beneficiaries and dividend income in our nineties.

I cannot recommend LTC insurance as you are relying on a clerical telephone operator to approve your insurance claims.

Whole life insurance is an asset and it is there for you.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.