Long Term Care Insurance - Who Needs It And Why
February 5th, 2008 by HitMan
While we encourage people who foresee that they might need any form of long term care to buy a long term care insurance policy, it isn’t necessary for everyone. If you’re really young (below 45 and have no history of health conditions that require assisted living in your family) or if you can easily spend $200,000 per annum for a few years on such care as a couple without becoming ruined.
However, if you’re not a millionaire and are up to fifty years, then it’s imperative that you get a long term care insurance policy. You’d have to get it much earlier if you have a history of health conditions that require long term care in your family.
Spending $100K on long term care a year will destabilize your plans for your kids unless you’re really rich. Nothing can shatter wonderful dreams of retirement days as easily as long term care. It could literally wipe out an entire life’s savings. If you then want to ensure that you do not get unpleasant surprises as you grow old, then you’d have to get long term care or make sure you’re a multi millionaire.
If you wait till you get older it becomes more difficult for you to get an insurer. 89 persons would be accepted if 100 people in their fifties apply for long term care insurance. However, the number drops for those in their sixties as only 81 would be accepted out of every 100. If you thought it was bad for those in their sixties, look at what happens to those in their seventies: 43% are rejected!
You can play smart or play safe. It’s entirely up to you. Buying at a later age means running a higher risk of not being accepted and also paying much more on the long run. This is because even if you’re accepted your premiums become so high that your total over time is much more than the total for someone who got theirs earlier.
Despite the age you buy your policy, you’ll pay a lot less if you take out some time to visit at least three quotes sites for long term care insurance quotes.
Make sure you input your details correctly (the same information on all quotes sites). Take your time to compare the quotes returned. That’s the sure way to lower your long term care insurance costs.
Here are my favorite sites for long term care insurance quotes…
InsureMe Long Term Care Insurance Quotes
Chimezirim Odimba writes on long term care insurance.
Tags: long term care insurance
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