Principal Advisor, Brokerage Consulting, Flemington NJ
As a retirement planning specialist, I spend alot of time doing long term care planning.
Why would I do this? Because NOTHING will derail a person's life-time savings faster than a custodial (AKA long term care) claim.
There are two reasons why a person should purchase LTC; the first is that they care about the quality of care, and having a say in where care will be provided, should they require it.
The second reason is that they care about protecting the assets that they have acquired over the course of their life-time, and they want to protect those assets for their healthy spouse and/or children, rather then have those assets eaten up by impairment, or having them signed over to medicaid or a nursing home.
As far as WHEN a person should purchase coverage; my youngest clients are usually in their 40's, and with them I usually recommend a hybrid life insurance-LTC product; my average clients are in their mid 50's to late 60's, and for them I recommend either traditional long term care or a single premium policy with refund provisions, and my oldest clients are in their mid 70's.
I think the best time to purchase for most people is in their mid to late 50's, because most will get better underwriting and a favorable premium. I hope this helps.
When do most people think about applying for Long Term Care Insurance? When they are diagnosed with a possibly crippling disease. But the best time to apply for Long Term Care Insurance is before that diagnosis occurs. If you have a family history of diabetes, arthritis, heart disease, or other health conditions that could eventually hinder your ability to care for yourself, you may want to buy your long term care policy before your 50's. If you are extremely healthy, you may be able to wait until your 60's. I agree with Ken, that the mid to late 50's is a good time to get a good rate and hopefully get ahead of those pesky health conditions that often strike in later life.
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Why would I do this? Because NOTHING will derail a person's life-time savings faster than a custodial (AKA long term care) claim.
There are two reasons why a person should purchase LTC; the first is that they care about the quality of care, and having a say in where care will be provided, should they require it.
The second reason is that they care about protecting the assets that they have acquired over the course of their life-time, and they want to protect those assets for their healthy spouse and/or children, rather then have those assets eaten up by impairment, or having them signed over to medicaid or a nursing home.
As far as WHEN a person should purchase coverage; my youngest clients are usually in their 40's, and with them I usually recommend a hybrid life insurance-LTC product; my average clients are in their mid 50's to late 60's, and for them I recommend either traditional long term care or a single premium policy with refund provisions, and my oldest clients are in their mid 70's.
I think the best time to purchase for most people is in their mid to late 50's, because most will get better underwriting and a favorable premium. I hope this helps.