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The best age to consider long term care insurance will be different for every person. Your budget, financial and health conditions, and product availability will all play a role. There are still a handful of companies that offer very competitive products.
Of course, buying coverage at a younger age will be less expensive, if you can incorporate the purchase into your overall financial strategy. An ideal age? Perhaps in the 44-54 range.
A full-time broker or financial planner is the person that will give you the best guidance.
There are a couple of ways to purchase long term care insurance (LTCi), early on when you’re healthy. But others say you should start seriously considering LTCi no later than age 50. The LTCi market of insurance companies has decreased considerably. There are about six real players left in the brokerage community. The price tag generally drives the LTCi sales, but policy definitions should be the deciding factor when premiums are relatively equal.
Most people start considering Long Term Care Insurance at about age 50 and actually purchase it at about age 60. The younger you are, the more likely you will be to qualify for the policy. Advancements in medicine are wonderful for showing us what is wrong with us and how to prevent it from getting worse. But those same advancements can turn up a lot of health conditions that got overlooked, in the past, when applying for long term care insurance. Applying at a younger age gives you a much better chance of being approved.
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Of course, buying coverage at a younger age will be less expensive, if you can incorporate the purchase into your overall financial strategy. An ideal age? Perhaps in the 44-54 range.
A full-time broker or financial planner is the person that will give you the best guidance.