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Reply to Annuity with LTC - 67 Year Old Female - Dementia     
Old 08-30-2017, 01:39 PM   #1
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Annuity with LTC - 67 Year Old Female - Dementia Annuity with LTC - 67 Year Old Female - Dementia
State of Washington, 67 year old female, diagnosed with dementia (alcohol induced) March 2017. She's got money, doesn't qualify for a straight LTC policy (asked MoO underwriting already and got rejected)...is there a liberal annuity company with a built in LTC rider that would look at her, issue her a policy? Height/weight proportionate, no meds, would easily pass a cognitive test. Thanks in advance.
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Old 08-30-2017, 02:44 PM   #2
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
Originally Posted by tylim0731 View Post
State of Washington, 67 year old female, diagnosed with dementia (alcohol induced) March 2017. She's got money, doesn't qualify for a straight LTC policy (asked MoO underwriting already and got rejected)...is there a liberal annuity company with a built in LTC rider that would look at her, issue her a policy? Height/weight proportionate, no meds, would easily pass a cognitive test. Thanks in advance.
You might want to read this....

Agent Arrested and Convicted for Selling an Annuity.

  Reply With Quote to Annuity with LTC - 67 Year Old Female - Dementia
Old 08-30-2017, 02:59 PM   #3
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
Please explain how a person with alcohol-induced dementia would pass a cognitive test?

What you're trying to do is get some insurance company to buy an immediate claim...shame on you.
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Old 08-31-2017, 06:04 AM   #4
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
Originally Posted by tylim0731 View Post
State of Washington, 67 year old female, diagnosed with dementia (alcohol induced) March 2017. She's got money, doesn't qualify for a straight LTC policy (asked MoO underwriting already and got rejected)...is there a liberal annuity company with a built in LTC rider that would look at her, issue her a policy? Height/weight proportionate, no meds, would easily pass a cognitive test. Thanks in advance.
IMO, not a chance.
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  Reply With Quote to Annuity with LTC - 67 Year Old Female - Dementia
Old 08-31-2017, 08:33 AM   #5
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
You cant get any type of LTC benefit on a person that has already been diagnosed with Dementia.

That is not how insurance works. You have to "get it before you got it".
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Old 08-31-2017, 11:57 AM   #6
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
There are deferred income annuities that will double the monthly income stream for some period time if in need of LTC care.......and some do not ask any medical questions to apply. However, someone needing care right away would likely not benefit from one of these products.....with way too much funding up front to make it feasible.

An immediate annuity will guarantee an income forever if the concern is out living the money....no medical questions there.

Else, basically SOL. You had better be working with the POA/Guardian on this one.

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  Reply With Quote to Annuity with LTC - 67 Year Old Female - Dementia
Old 08-31-2017, 01:22 PM   #7
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
Originally Posted by yankee466 View Post
There are deferred income annuities that will double the monthly income stream for some period time if in need of LTC care.......and some do not ask any medical questions to apply. However, someone needing care right away would likely not benefit from one of these products.....with way too much funding up front to make it feasible.
All of those products have exclusions for pre-existing LTC conditions. They specifically state "the LTC need must not have been present at time of contract issue".
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Old 08-31-2017, 02:10 PM   #8
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
A long time ago, life & annuity agents were referred to as 'field underwriters' because we were the first line of defense when it came to applications and helping insurance companies to make sound underwriting decisions.

I guess those days are long gone and replaced with "what can I get away with for my client so the insurance company would HAVE to pay"?
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Old 08-31-2017, 02:10 PM   #9
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
Originally Posted by scagnt83 View Post
All of those products have exclusions for pre-existing LTC conditions. They specifically state "the LTC need must not have been present at time of contract issue".
I do not know what they ALL say, but that would seem to make sense.....or they would at least say that you can not execute the rider for x years after getting the plan.

Either way, I would walk away from that client.
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Old 08-31-2017, 02:26 PM   #10
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Annuity with LTC - 67 Year Old Female - Dementia Re: Annuity with LTC - 67 Year Old Female - Dementia
So you're saying you can't purchase life insurance on someone who's already dead?! Years ago, I got a call from a young man who was interested in life insurance for his father. I asked him how old is father was, and he said "yesterday would have been his birthday." I said "yesterday would have been?" The young man said his father died a week ago.

I said "Have you ever heard the saying "closing the barn door after the horse is gone?" He hadn't, and wasn't too happy when I said life insurance is purchased while you're alive.
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