My father has recently been talking to his Edward Jones investment advisor about the merits of having LTC insurance. My dad is turning 64 this month, and is pretty much set to retire comfortably in 2 more years of part time work as a CRNA, but is worried about the potential for having to pay upwards of $70,000/yr for LTC for several years. This advisor has suggested to my dad to consider a gUL policy from Prudential, which is set up to have a yearly premium payment of $12,500 for a total of 10 years, with a death benefit of $250,000. This benefit can be withdrawn from to cover medical expenses starting from day 1 after the first premium is payed. My dad wanted some more information, but is unsure about what specifically to ask to really determine if this product makes sense for him. The Edward Jones advisor is going to bring a representative from Prudential to talk to my dad, but if he's like the likely majority of representatives selling a whole life insurance policy from their own company, I'm going to assume he/she is going to get a handsome commission, and will therefore be biased.
Due to having read many posts and reviews of whole life insurance, of which this seems to be a similar-ish product, should I be throwing up a red flag in my dad's face and tell him to exercise extreme caution? What questions would you ask if you were in my dad's position?
I read a forum thread here on WCI that was started last November about this particular product. There was a verbal back and forth between a physician forum user and an insurance salesman. You can guess who was for and who was against, but I couldn't really relate my dad's situation to their discussion because he is already at retirement age. Any help is much appreciated!
Due to having read many posts and reviews of whole life insurance, of which this seems to be a similar-ish product, should I be throwing up a red flag in my dad's face and tell him to exercise extreme caution? What questions would you ask if you were in my dad's position?
I read a forum thread here on WCI that was started last November about this particular product. There was a verbal back and forth between a physician forum user and an insurance salesman. You can guess who was for and who was against, but I couldn't really relate my dad's situation to their discussion because he is already at retirement age. Any help is much appreciated!
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