Kara,
Below are some updated quotes based on our call on Monday.
Revised quotes
I set each policy to a 10-year payment plan at $10,000 per year to make the benefits easier to compare. If you'd like to lower the premium, the benefits will decrease proportionally (for example, both by 25%). The “Payment options” row shows a few longer payment schedules to reduce your annual cost.
My notes
Traditional policies (such as Thrivent and NGL) are more price-competitive when paid over your lifetime, but they're less competitive with shorter payment schedules like 10 years. On the 10-year schedule you prefer, Nationwide, Securian and OneAmerica, provide more benefits—and potential refunds—than comparable traditional options. As a bonus, Nationwide and Securian offer cash indemnity.
Since you're looking for extended coverage, I recommend either Securian (8 years of benefits) or OneAmerica (lifetime benefits). Nationwide caps its coverage at 7 years. Securian offers a 15-year payment plan, and OneAmerica offers a 20-year option, both of which can help lower your annual cost.
The projected cost of assisted living in Washington at age 80, assuming 4% annual inflation, is about $317,000 per year. Your policy benefits fall below this amount, but that doesn’t mean you’ll cover the rest out of pocket. Assisted living often includes housing and meals, which can replace everyday expenses. Social Security and personal assets can also help cover the difference.
Next steps
If you’re leaning toward a specific policy, just let me know and I’ll email the documents—zero commitment. If you’d like to adjust the premium amount or payment schedule, I’ll make sure the policy reflects those changes.
Still learning?
Explore the three biggest reasons to get LTCi in this unboring video from our YouTube channel.
Or read our blog or listen on Spotify, Apple Podcasts, and YouTube Music.
Thanks,
Jesse