I have been offered a policy by One America (The State Life Insurance Company) for one single payment of $ 175000 with death benefit of 166000. It has $5000 monthly benefit per individual with 3% inflation protection. It has lifetime benefit period and unlimited benefit balance. Is this a good policy?

OneAmerica is an excellent company, but it is difficult to answer your question without knowing more about you. Your age? Longevity in your family? How much you have in other assets to supplement this policy? My guess is the 3% compound inflation does not apply to the time it will take you to exhaust the $166,000 death benefit,which will be 33 months. If you don’t have a claim for 20 years, the $5000 a month will fall very short. Where you live has a heavy bearing on how much care costs today and how much it will cost in 20 years.

I usually add $1500 to the median cost of an assisted living facility and project the future cost at 5% compound. I use the assisted living projection as most people are never in a nursing home, and I know that amount will pay a significant amount of home care.

If you would like a no-obligation assessment of your needs vs. the OneAmerica benefits, all you have to do is go to this link on my website and complete the short questionnaire. That puts you in our queue to get help right away!  https://www.gotltci.com/contact-us/

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