Posted: 3/23/2013 2:08:34 PM EDT
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My wife applied for a policy to cover us both, I'm on the fence here, although it's a done deal. Problem is there is no accrued value. If you don't use it, you loose it. I understand the logic that IF we ever need it, it would save us from financial ruin. On the other hand, this policy is going to cost $5,000 per year. I suggested putting the $5,000 in a saving account and yearly buy a high yield bond or something. That way we would never loose this money. Our financial advisor, who talked my wife into this, didn't think that was a good idea. Wonder why! I just have a hard time giving away 5k every year. Insurance poor. Do you guys have such a policy? |
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Quoted:
My wife applied for a policy to cover us both, I'm on the fence here, although it's a done deal. Problem is there is no accrued value. If you don't use it, you loose it. I understand the logic that IF we ever need it, it would save us from financial ruin. On the other hand, this policy is going to cost $5,000 per year. I suggested putting the $5,000 in a saving account and yearly buy a high yield bond or something. That way we would never loose this money. Our financial advisor, who talked my wife into this, didn't think that was a good idea. Wonder why! I just have a hard time giving away 5k every year. Insurance poor. Do you guys have such a policy? That's generally how insurance works. Do you expect your car insurance company to give you money back if you don't get in a wreck? |
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Imagine spending 6k per month per person on a hospice facility.
Do the math and figure out whether or not you'll come out ahead or behind. Personally I have a 110 grain solution for hospice care for myself. I won't end up some pants shitting invalid. I spent most of my childhood sick and in hospitals, you aren't going to find my ass suffering through that a 2nd time. |
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We have a home care agency in the family. It depends on what your plan is going to allow for. It's $2500+ a week for a caregiver 24 hours a day, so it adds up quick.
We had one guy that used us 3 days a week, 4 hours each day. I doubt it was worth it for him. He was allowed 5 days of that but only used 3. In fact, he didn't renew his policy now that I think about it. FWIW, my mom (owner of the company, 20 years experience in home health) doesn't have a policy. Company will be gone before she needs it anyways so it's not because of that. I could probably get her on the phone with you during the work week if you wanted to hear it from the other side. |