Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Why not to buy long term care insurance? Well, this is dicey to answer, but this is opinion only and does not need to be followed but long term care insurance is purchased to prevent the liquidation of assets to pay for services related to care and assistance of someone in need. Simply put, if there are no assets to protect or concern about being housed at the most basic level of care, then there really is no need for long term care insurance to be purchased. It is up to the individual person to decide the value of having LTC or not.
Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
Don't buy long-term care insurance if:
1. You can't afford the premium now
2. You can't afford any higher premium than the illustrated premium at issue (premiums can go up)
3. You don't think that your income during retirement will permit you to keep the policy in force even with adjustments to the benefits, features, and/or riders.
4. You have virtually no retirement savings and will be completely dependent on Social Security.
5. You are convinced that long-term care insurance has absolutely no value whatsoever and that it is a complete waste of money.
6. You have given explicit instructions to your spouse or next of kin that if you are ever unable to take care of yourself in the performance of daily activities, you are to be taken out into a field somewhere and be shot.
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1. You can't afford the premium now
2. You can't afford any higher premium than the illustrated premium at issue (premiums can go up)
3. You don't think that your income during retirement will permit you to keep the policy in force even with adjustments to the benefits, features, and/or riders.
4. You have virtually no retirement savings and will be completely dependent on Social Security.
5. You are convinced that long-term care insurance has absolutely no value whatsoever and that it is a complete waste of money.
6. You have given explicit instructions to your spouse or next of kin that if you are ever unable to take care of yourself in the performance of daily activities, you are to be taken out into a field somewhere and be shot.