Is Long Term Care Insurance a viable value proposition? The average senior couple will spend $250,000 over their retirement in medical and extended care. And speaking of extended, your life expectancy may be five to ten years longer than your predecessors. The odds are high that you will need some assistance in your later years. You need to price out long term care to see if the value proposition works in your circumstance.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Is long term care insurance really necessary? The answer depends on you and what you want to happen to you in a care situation. If you want a say in where you go, how you are treated and what you get to keep asset wise, Long Term Care makes great sense. You can certainly do without it, but understand you give up where you go, how you're treated and very little if any choice in assets you get to keep.
All a long term care policy does is give you control over how you're treated when you need a care situation. So no, it is not necessary if that doesn't matter to you. If it does, then it makes great sense.
Long term care is an either you get it or you don't product. Most purchasers of long term care WANT the product, very few have to be talked into making a purchase. It is one the few products in insurance where you spend a lot of time plugging together options for people as they've already decided to purchase, so the question becomes what do they want it to do?
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All a long term care policy does is give you control over how you're treated when you need a care situation. So no, it is not necessary if that doesn't matter to you. If it does, then it makes great sense.
Long term care is an either you get it or you don't product. Most purchasers of long term care WANT the product, very few have to be talked into making a purchase. It is one the few products in insurance where you spend a lot of time plugging together options for people as they've already decided to purchase, so the question becomes what do they want it to do?