Thanks, checked the chart.
The policy we are looking at isn’t an annuity. It pays out a certain amount a month for however months we select. For example we would choose 6 years, $6,000/month.
“The policy we are looking at isn’t an annuity.’
Whatever policy it is, it’s still run by the actuarial table. If you’re female and 43 you go to that table and it tells you when you will likely need it. By the time you get to that period, I think you won’t be able to afford the policy.
If you buy, it is always better to buy with a compound inflation rider. Most states require the plans to offer them. It massively increases the benefit so the plan is worth much more than it was when you first bought.
Also, the premiums are not guaranteed. Even though your rates are based on your age, the company can lobby it it’s Dept. of Insurance for rate increases based on losses. Most people do experience a rate increase somewhere along the line. Still, it is based on the age you bought it so the rate increase based on that age group.