Principal, LifeNet Insurance Solutions, Redmond, WA
If it's affordable and makes sense as part of your financial plan. As you look at various companies that sell LTCi, make sure you only purchase what you believe is necessary in terms of how long the policy will last once you need care. Another and most important consideration is the cost of living rider. I would purchase this with the highest benefit accumulation.
Before you commit yourself you will want to look at the alternatives. For instance there are permanent life policies that have long term riders as well as annuities which provide a much higher payout if you need care.
I personally never recommend long term care insurance until a person is at least mid 50s to early 60s. I believe long term disability insurance is more important in your 40s if you are still earning income. There are many other insurance products to consider in your financial plan and long term care insurance is near the bottom of the list in your 40s.
I would wait until after 50 to buy Long Term Care Insurance unless you have a fear that your health will not be good if you wait. E.g. If diabetes or heart disease run in your family, getting your Long Term Care Insurance policy in your 40's could be the only time you will be ever be able to get LTCI.
President, Lane Independent Agency, Southern California
Yes. It will certainly cost you less then. However, you might be interested in life insurance with living benefits. It can cover the costs of long term care, along with disability, chronic care, along with the terminal care. It is now offered by only 5 companies in America. Love to talk with you about it. Thank you. GARY LANE 714 422 9616
Long-term care insurance is kind of like life insurance in the way that you should purchase it as early as possible. If you wait until your health is bad you may not qualify for the insurance. And, none of us know when our health will start going downhill. People might become uninsurable due to sudden and unforeseen events. Do you purchase automobile insurance after an accident? Do you purchase homeowners insurance after your house burns? The answer to both of these questions is no. And, the same is true for long-term care insurance. If you have friends or family that are younger than forty they may want to look into it at a younger age.
I just read the answer for Gary Lane, and if you live in California I would recommend you contact him regarding the life insurance with living benefits. As an independent agent in Florida, I have access to at least a couple of those companies, as well.
Gary, I would certainly like to talk to you about those companies and products if you are willing to share some information with me.
One more thought regarding the best time to purchase insurance, if it is not affordable now when will it be affordable? It does not get cheaper as you get older. It gets more expensive.
.JPG){kind=avatar}
Before you commit yourself you will want to look at the alternatives. For instance there are permanent life policies that have long term riders as well as annuities which provide a much higher payout if you need care.
I just read the answer for Gary Lane, and if you live in California I would recommend you contact him regarding the life insurance with living benefits. As an independent agent in Florida, I have access to at least a couple of those companies, as well.
Gary, I would certainly like to talk to you about those companies and products if you are willing to share some information with me.
One more thought regarding the best time to purchase insurance, if it is not affordable now when will it be affordable? It does not get cheaper as you get older. It gets more expensive.