Thanks mxt0133! I took some time of the holidays to read up on the Miller Trust and read the article about health insurance through your employer. So here's some info that I can add:
While I have 50k life insurance through my employer for free, I purchase an additional 100k for $40 per month. When they offered the additional, we were guaranteed to be accepted because it was a new plan or something like that, can't remember. Before that, I had also applied for additional life insurance (which did not offer guaranteed acceptance) and was turned down because I have Crohn's disease. In remission for years and it's not fatal, but I was turned down for life insurance. I would have understood that better if I was turned down for long term disability or long term care insurance.
When I took the Long Term Care insurance, which I pay $110 per month for, that also had guaranteed acceptance.
So in a nutshell, when I took both of these I only had 35k in home equity. I now have 450k+ in home equity. If I die, my child would not be able to remain in my home, but, rather, would go live with godparents. The sale of my home, plus 225k savings/401k, plus social security would go into a trust and a monthly allowance would be paid for care.
I light of this further info, what are your thoughts about continuing that 100k @$40 per month and the LTC for $110 per month? This has come up as this point as I am trying to grow my stash and trim my budget in every way possible. Don't want to make any mistakes or put my child and myself at risk, but I also recognize that a lot of decisions people make are based on fears and not based on reality. Your thoughts (and anyone else who cares to chime in) would be appreciated as I consider these issues.