Benefit of Buying Long Term Care Policy Early
- Thread starter James123
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- long term care
well......
1) low cost rates
2) hopefully healthy now, but maybe not healthy later....so you may not qualify later if you wait.
3) immediate coverage...this is not just an old folks nursing home plan. You have no protection from an extended care need today.
4) tremendous compounding growth over the life of the policy...assuming of course you purchase a good plan with a built in inflation clause.
Make sure you have good long term disability and health insurance first....then if LTC makes sense financially, you may want to consider it.
1) low cost rates
2) hopefully healthy now, but maybe not healthy later....so you may not qualify later if you wait.
3) immediate coverage...this is not just an old folks nursing home plan. You have no protection from an extended care need today.
4) tremendous compounding growth over the life of the policy...assuming of course you purchase a good plan with a built in inflation clause.
Make sure you have good long term disability and health insurance first....then if LTC makes sense financially, you may want to consider it.
Arthur Rudnick
Guru
- 1,652
originally posted by Mr_Ed
I am 45 years old age i want to know the benefits of buying the Long term care policy early.
EXCELLENT!
I am 45 years old age i want to know the benefits of buying the Long term care policy early.
EXCELLENT!
why thank you, Arthur.
Two compliments from you two days in a row!
This is a first!
Arthur Rudnick
Guru
- 1,652
!
Don't get carried away.
I promise, it won't happen again....
The main advantage as I seeit is you would be guaranteeing you own a long term care insurance policy. Nobody knows for sure however 10 years from now the insurers may only underwrite continuation of benefits riders linked to life insurance or annuities.
Arthur Rudnick
Guru
- 1,652
originally posted by ltcadvisor
That's a pretty bold assumption Jack. And, you're basing that on what?
One can also assume that in 10 years, due to more & more baby boomers dealing with their parent's LTC issues, there will be a much larger and robust LTC business and many other carriers will jump on board.
The answer to James' question should be:
1) Premiums are based on age so it's always less expensive to purchase it at a younger age, and
2) The younger one is, the better chance they have of being insurable. It doesn't take a major catastrophic medical diagnosis to become ineligle for a policy.
Just my 2 cents......
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Originally posted by James123
Just thinking, maybe James was really asking if it makes sense to buy a policy early in the day, like 9:00 AM?
That's a pretty bold assumption Jack. And, you're basing that on what?
One can also assume that in 10 years, due to more & more baby boomers dealing with their parent's LTC issues, there will be a much larger and robust LTC business and many other carriers will jump on board.
The answer to James' question should be:
1) Premiums are based on age so it's always less expensive to purchase it at a younger age, and
2) The younger one is, the better chance they have of being insurable. It doesn't take a major catastrophic medical diagnosis to become ineligle for a policy.
Just my 2 cents......
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Originally posted by James123
Just thinking, maybe James was really asking if it makes sense to buy a policy early in the day, like 9:00 AM?
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I must tell you that the only thing I can say is that you just have coverage earlier. I reemember the difference on an annual policy was only only $365 and i was 52 and she was 38. I thought hers would be significantly less. I remember this because I could not believe it was so little and I talked extensively about it to the agent. I was just only going to get one policy instead of two. I was thinking I might as well wait. Then I thought better or it and decided to do the 10 pay which is not much better.
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