Suppose I Buy At Age 45, Won’t I Be Paying More In Premiums Than I Might Ever Get In Benefits?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Suppose you purchase a $100 daily benefit with 5% compounding inflation protection, and pay premiums of $1,750 per year for forty years ($70,000). Then, you begin to receive long care benefits under your policy. The benefit amount would be $700 per day. In only 100 days, the benefits would exceed what you paid.

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