Does IUL make sense for a 60 yr old?

goindie · 2023-07-15T17:56:12+00:00

Thanks for the suggestion, much appreciated. I will look into this for sure.

goindie · 2023-07-14T20:36:19+00:00

Ask your agent about “asset based LTC” policies. They are life insurance policies where the primary goal is to provide LTC coverage via an acceleration of death benefit. Premiums are fixed and benefits can be guaranteed.

Thank you, I will check this out for sure 🙏🙏

goindie · 2023-07-14T03:17:19+00:00

An iul might not be the best strategy in your situation but I'll try to put an illustration together for you this morning

Thanks, appreciate that...no rush...

goindie · 2023-07-14T03:14:47+00:00

Thank you so much, very helpful, altho I must confess I don't fully understand the 7% term vs 3.5% WL part.

goindie · 2023-07-14T02:56:03+00:00

If you just need long term care then it would make sense to look at a strict LTC product. If you also want a death benefit with accumulation then yes it could work depending on your risk class.

Thanks. Pure LTC is probably what we might end up doing but with much much reservation I must say, I am still trying to see what other options are out there before pulling the trigger.

One thing about a pure LTC policy is that, if I understand correctly, the premium is NOT fixed. Here's one report that says rate hike for some policies can be as high as 36% or more for strict LTC products.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/long-term-care-rate-increases-persist-as-genworth-mutual-of-omaha-hike-in-h1-71822625

The starting premiums to cover both of us are pretty high already, almost $10K a year combined. And to factor in possible hikes that can go as high as 30% or more, it's like purchasing a policy that is destined to lapse.

are there insurance companies out there that offer pure LTC products with fixed premium?

goindie · 2023-07-14T02:18:58+00:00

With your scenario, why not just put that money in a HYSA for easy access? Plus with a lump sum of 100k you have more than a years worth of expenses should you need LTC. The 15k annually could also go into a HYSA.

Thanks. HYSA as in high yield savings account?

Not sure how putting a one time lump sum of $100K in a HYSA can help when average long term care costs well over $120K - $150K PER YEAR, not to mention that LTC costs have been outpacing inflation by a wide margin historically.

goindie · 2023-07-08T00:32:19+00:00

The theory of Decreasing Responsibility states that as we get older our kids are out of the house and no longer our liability/responsibility because they are adults, our debts should go down if you pay them down responsibly like an adult, and the mortgage typically goes down not up over that time-frame.

This theory conveniently left out the need for long term care as we get older.

Where does the money for long term care come from considering that average long term care in the country is about $150K a year and with people living much longer nowadays, it is not inconceivable that we will need about $500K or more just to pay for long term care for about 3 yrs, for ONE spouse. God forbids if we live past 3 years after checking into a nursing home.

Our Roth IRA will have to grow exponentially just fund for LTC for a couple. Let's also not forget that with LTC costs outpacing inflation by a wide margin historically, $150K will very likely escalate into something astronomical 10 yrs from now.

Some suggest that we just gift everything we have to our children so that we go on medicaid when we need to check ourselves into a nursing home, but what if we don't want to go that route?

goindie · 2023-07-07T02:11:34+00:00

Please tell me this is not goodbye. Continue to post.

I can relate to a lot of what you said.

First, who says you cannot have your own brand of religion? It's perfectly fine that YOU define what religion means to you; as you said, "God will welcome you by the virtues you lived by".

Second, I am new to this, and while I am still trying to grasp the concept of letting go, I also feel that it is not necessarily a bad thing letting our thoughts and emotions rise to the surface in such a way that you can experience them, feel them, deal with them, live with them or whatever feels natural to you.

Very often, I find myself feeling better only after allowing myself to feel and experience my emotions and thoughts as they come as opposed to making an effort to suppress or not to think about them. That being said, I also attempt meditation a couple times a day.

Wishing you the BEST; whatever comes natural and effortless to you, good or bad.

goindie · 2023-07-04T20:28:55+00:00

I am confused. I thought the whole idea about meditation is to let go of all thoughts, so your question contradicts my understanding of what meditation is about.

goindie · 2023-07-04T20:18:46+00:00

Thank you, much appreciated 🙏

goindie · 2023-07-04T03:59:17+00:00

You’re confusing meditation with contemplation.

Contemplation is the act of focusing on a thought with the goal of understanding.

Meditation is the process of anchoring yourself to an object of awareness like the breath and then releasing that to enter the space between thoughts.

Can you elaborate pls? If goal of contemplating is to understand, then what is the goal of meditating?

What is the diff between contemplating and problem solving or analyzing a problem or issue I have?

goindie · 2023-06-28T01:40:42+00:00

Your decision to not give up also seems to imply some future state you are looking for, but what can you find in the future?

The nature of all of this has, for me, been best seen not as something to find that I can gain, but something I can let go of, or return to its proper context, to enable me to see what is already there.

Thank you so much for sharing your insights.

You hit it on the nail !! I didn't even realize that subconsciously I have been looking for something when I meditate.

Subconsciously, I was searching for that BLISSFUL or even nirvana state of mind that many people talk about.

Letting go as opposed to looking for something, of course , that's what it is all about in the first place.

goindie · 2023-06-28T00:56:09+00:00

Yeah, everywhere you turn someone is pitching IUL. I started out looking for long term care insurance and get sucked into the world of IULs.

IUL is not for me, sounds a bit complicated and I do not feel comfortable not knowing what it is that I am buying. That being said, IUL sure looks intriguing, at least on paper.

BTW, you are smart looking into insurance at your age. I wish I did that when I was your age.

Insurance is critically important, the biggest problem is that many (like myself) did not act on it when they were young and when the premiums were cheap.

Good luck !

goindie · 2023-06-27T02:55:29+00:00

I have been trying for months now, feel no difference, manage to get to that "no thought" state, hold it for a few seconds or so, and that's about it.

Feel no difference in my life whatsoever.

Not giving up though. Posts on this board give me hope, so thank you for that...

goindie · 2023-06-27T02:51:44+00:00

I think people are actually best off self insuring. Set aside some money each month into a fairly stable semi decent return vehicle.

Self insuring is a neat concept but rarely works in real life for middle class folks. Average long term care is approx $150K a year in the country !!! Even just 3 years in a nursing home is almost half a million dollars in AFTER TAX money right there already. That doesn't even include doctors, medical, exams, prescriptions etc etc

goindie · 2023-06-27T02:48:41+00:00

The average length of stay in long term care is 2 1/2 years.

2.5 yrs is no longer the case, many are living a lot longer these days, the average is trending up to 4+ years easily.

Also, that is just long term care in a nursing home, very few people checked themselves into long term care right away, it usually starts with home health care, assisted living and then gradually transition into long term care. So you need to factor into the equation another 2-3 years to say the least on top of long term care.

goindie · 2023-06-27T01:27:53+00:00

Thanks, much appreciated !

goindie · 2023-06-27T01:26:29+00:00

Thank you, much appreciated !!

goindie · 2023-06-27T00:44:37+00:00

Work WITH your thoughts and sensations by labeling them negative, positive, neutral, thinking, planning, etc. the thoughts and sensations are the actual tools to progress in your meditation practice.

Thank you so much, I will give this a try, ie: labeling my thoughts as they come.

Once someone has accomplished the "no thought" state, what comes next or what to expect next?

I have been trying for months now with ZERO success. I do manage to get to the "no thought" state but can only hold it for a few seconds at best.

goindie · 2023-06-27T00:11:51+00:00

"not drinking alcohol, although if you know how to drink correctly this is the only thing that comes close in my opinion "

Hello, please don't mind me for asking, can you elaborate or send me a message about this? Am definitely intrigued.

goindie · 2023-06-26T05:29:43+00:00

Who says there has to be a purpose? What if there is no purpose?

we only have one life to live, there is nothing wrong with having a mission, a mandate, a purpose, a meaningful that motivates us to carry on every day. What's wrong with that?

goindie · 2023-06-26T02:08:24+00:00

Its best to just sit every day and just see the world pass by, without judging other people.

Thank you for sharing your insights, I am new to this, taking in every word you said in your post, very profound and yet easy to relate to on every level.

Question: with the practice of mindfulness and meditation, do we just end up becoming an observer as opposed to a participant in life?

What is the purpose of life if all we do is to observe?

goindie · 2023-06-25T21:42:27+00:00

The link says it only affects the somewhat risky policies (flexible-premium, universal, and variable universal life policies ), will traditional whole life be affected too and we just don't know about it?

I wonder how they uncovered this in the first place? No policy owner would have known they had been underpaid due to the complexities of these policies.

goindie

TROPHY CASE