Hearing Feb. 25 on consolidation of Western United Life Assurance company

Insurance Commissioner will hear proposed consolidation of Western United Life Assurance

Insurance Commissioner Mike Kreidler is holding a hearing at noon on Feb. 25 to consider a consolidation request from Western United Life Assurance Company in Spokane.

This request involves two entities--Investors Consolidated Insurance Co., a New Hampshire-based company, and Western United Life Assurance Co., both subsidiaries of Central United Life Insurance Company and Harris Insurance Holdings, Inc. in Houston. 

Investors Consolidated wants to change its domicile�base of operations�to Spokane from New Hampshire. Immediately thereafter, Investors Consolidated and Western United Life, which is already based in Spokane, want to merge and retain the corporate name of Western United Life Assurance Co.

Anyone who is interested in weighing in on the relocation and merger may submit comments and may also attend the hearing in person or by telephone.

Hearing location:

Office of the Insurance Commissioner5000 Capitol Blvd.Tumwater, WA 98501

To participate by phone, call (877) 668-4493, followed by access code 231 993 38.

Submit comments to: kellyc@oic.wa.gov

For more information:

View the Notice of Hearing, which includes advice on how to participate in the hearing process.

View all documents filed in this matter under Western United Life #14-0004.

Self Insure or Pay for Insurance

Is it wise to self insure for long-term care or just buy insurance? Manisha Thakor founder and chief executive of Santa Fe, N.M. based MoneyZen Wealth Management LLC said on her article on Wall Street Journal, that Long-term-care insurance is a new product and it don't have the history of dealing with claims payment like home and auto insurance.

She also said that young people have the power to choose, right to choose to self insure themselves, �By taking the money you would have put in long-term-care premiums and investing them in a low cost 60/40 balanced index fund, you can create your own pool of funds to draw on down the road if need be�and avoid the dreaded �claim denied� scenario,� she said.

But self insuring will take a lot of discipline and majority of Americans I believe will not be able to keep on investing every month and put it on 60% stocks and 40% bonds. The plus side to self insuring is if you don't need long term care you can keep the money to yourself or give it to your heirs.

However, if we take into consideration the inflation rate, it can be costly the price of health care will considerably increase by the time you need it. The plus side of having a good insurance is it can protect you against inflation.

According to the American Association for Long-Term Care Insurance there are more or less 8 million Americans that have long-term care insurance. The premiums costs for single males have decrease while the premiums for females increased.

If a 55yo male who is single bought a new long-term care insurance protection in 2014, he will pay about $925 per year for $164,000 of benefits American Association for Long-Term Care Insurance said. He would pay $1,765 for coverage that increases the benefit pool to $365,000 at age 85, a 14.5% decline from last year�s average.

If a 55yo single woman pay an average of $1,225 every year for the same level of benefits available to a single man for $925.