WHY SHOULD I BUY LONG TERM CARE INSURANCE?
A major factor in buying long term care insurance for most Americans is that they don’t want to risk of losing all their assets that they have worked so hard for so many decades to acquire. With nursing home cost averaging approximately $60,000 to $90,000 a year, their assets could be depleted in a very short time. Some adults have acquired enough assets to live on during their “golden years”, and can live on just part of their Social Security, and do not mind spending part of their yearly Social Security payments for a long term care policy.
After all the sacrifices and decades of hard work, they do not want to surrender their bank account for care in a nursing home or to a stranger who owns the facility, but would rather leave a substantial inheritance to help out their loved ones. Most parents want to leave their children and grandchildren better of then they had it when they were younger.
Another reason that people purchase long term care insurance is that they do not want to become a burden to their children. In many households today, both husband and wife are working, and even if they wanted to take care of their parents in their elderly years, they are not able to because they cannot afford to take off of work.
By law, Long Term Care policies are “guaranteed renewable”. This means that as long as you pay your premiums, you will be guaranteed of coverage. Since Long Term Care premiums are based on your age when you purchase your policy, the earlier you purchase your policy the lower your premiums will be.
You can buy Long Term Care anytime, but the sooner the better, because the younger you are then the less expensive will be the policy, even in the long run. (See example: Cost of Care)
- If you are over 50 years old and want to protect your estate, you should consider the purchasing of a Long Term Care policy.
- Especially if you are still healthy, because once you are sick or injured, you will probably be denied Long Term Care insurance by the Insurance Company, and you would then have to surrender all of your estate to pay the exorbitant cost of Nursing Home Care.
- If your family has a history or is genetically disposed to illnesses such as cancer, heart problems, stroke, and Alzheimer’s disease, you should consider purchasing Long Term Care Insurance earlier.
If you have any questions about Long Term Care Insurance, or just want a confidential quote by mail, please call us or fill out the online form by clicking the link below. Remember we are much different than local insurance agents, as we have NO SALES PRESENTATION and you can examine the material from the comfort of your own home, on your own timeframe with no “high pressure” sales techniques.
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Carriers quoted will vary from state to state.)