November 28, 2012
Insurance Company: John Hancock Insurance
Coverage Type: Disability Insurance
- Underwriting - Premium Too High
I assume that a Long Term Life Insurance would fall into the catagory of Disability Insurance. Perhaps it is my own fault for not realizing that my Long Term Insurance was some what like an auto inurance. No cash value, you don't use it, you loose it but need to continue paying monthly premium.
Now that I need this insurance, I find that there were some clause I did not know about. I was told that there was a 100 days deductable period before the insurance company starts to pay the institution. It was my understanding that the first three months of care would be covered by MEDICARE. THIS WAS NOT THE CASE. MEDICARE WOULD ONLY PAY FOR THE FIRST 100 DAYS IF THE PATIENT IS CONFINED INTO A SKILL NURSING FACILITY, NOT A NURSING HOME OR HOME CARE SERVICES. In other words, it is out of pocket money to pay for the first 100 days for other facilites such as ASSISTING LIVING. Where or how am I going to get $17,000 to $20,000 when I have no savings and only have my retirement pension and social security income. Let this be a warning to the baby boomers, there are other insurance companies who has better policy such as cash value and get something in return for your beneiciay if you die before you use the insurance money.
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