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Personal Investment & Financial Planning Q`s/long term care and disability insurance appropriateness


Dear Mr. Julien:

Thank you for offering help in the financial area.  I am considering buying long term care insurance and/or disability insurance.  I would appreciate your advice, as impartial as possible, please.

I read the "Die Broke" book which suggests buying long term care insurance, but not until age 65.  However, a radio show financial planner is now suggesting buying LTC insurance as soon as possible, generally, not in my specific case.  I suspect their recommendation has a vested interest since they sell LTC policies.

I am 52, with a home I can sell at about $31K profit and about $80K in cash, plus a new car (financed for 2.5 more years).  I am single and have no pension income expected.  I already collect Social Security Disability ($1846/mo. net)and am covered by Medicare.  I own the home free and clear but pay a lot in taxes.  I am hoping to sell the home, maybe as soon as this fall, and move to a lower property tax area.

I have experienced serious health challenges, including a diabetic coma; however, I have reversed these significantly.  
I am unsure whether I can qualify for disability insurance, or whether it is even advisable (please see the following).

I am fairly risk averse and healthy in my lifestyle.  Life has taught me, though, that unpredictable medical mishaps seem to happen to me more often than not.  Thus there may be more downside risk ahead than I have imagined to date.

I think LTC insurance would benefit me.  My doctor now thinks I will live until my 80s.  I do not have family to depend on.

Please be so kind as to offer your opinion of when I should purchase LTC insurance, if you think it advisable.  Please also tell me if you think disability insurance is advisable.  I do not want to over insure.

If you think LTC insurance should be purchased now in my case, would you please tell me which are the more selective insurers in that business and the relative importance of financial stability of the insurer?

Thank you in advance for any help you can give in this matter.  
I hope I have told you what you need to know.  I look forward to hearing your opinion of the above.




You will not qualify for long term care insurance or disability insurance as you are already on SSDI

I am glad you are in a better state of health

You seem suspiciously adverse to the insurance world. Either find a good insurance agent you trust going forward about insurance in general since all insurance is sold for commission, or see a fee only planner to organize your life. If it is just you against the world you do need a partner at least financial planning wise.

The people on the radio or in a book or the press (or me) are not able to advise you specifically since they don't know you so you are likely to waste a lot of your own time trying to solve your story.

Good luck to you!


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Bruce Julien


I can answer questions on and raise issues clients overlook in the areas of Estate Planning as far as taxes and distribution flow problems, Asset Management as far as appropriateness of assets and allocations for a desired goal and the value a consumer gets for their costs, Tax Planning related to Income and Estates, and Insurance/Annuity questions particularly in light of suitability to the consumer.


I became a CPA in 1991 and began offering financial advice in 1992. I am a Registered Investment Advisor which means I sign off on putting clients' interests first in a fiduciary role.

BA in Accounting, University of Maryland 1990

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