Recommended Age Range for LTC

Nov 8, 2018 at 1:35 AM

  1. JJ2713
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    What's your opinion on the recommended age range for getting LTC (any kind)? Or bringing up LTC with a long-term client?

    Yes, the premium(s) are lower the younger you buy, but there's the opportunity cost of lost investment gains from investing the premium(s) at the younger age as well.

    I feel like age 60, perhaps 55, may be the earliest. And even 55 seems too young perhaps.

    60 - 70 might be the sweet spot. What do you think?

    Of course, if the client wants it at whatever age, then do so.
     
    JJ2713, Nov 8, 2018 at 1:35 AM
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  2. Mr_Ed
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    I found this after googling "best age to buy long-term care insurance"

    Finally Revealed: The Best Age to Purchase a Long-Term Care Policy is... – LTCShop.com
     
    Mr_Ed, Nov 8, 2018 at 1:59 PM
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  3. JJ2713
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    JJ2713, Nov 8, 2018 at 4:17 PM
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  4. rousemark
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    Years ago, when we offered LTC, we targeted ages 50 -7).. Did sell some over 70 but don't remember ever selling on under age 50. I wouldn't think things have changed much in that regard.
     
    rousemark, Nov 8, 2018 at 4:31 PM
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  5. ltcadviser
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    ltcadviser, Nov 8, 2018 at 6:11 PM
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  6. Mr_Ed
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    Why is below 55 too young?
    Are 54 year olds immune to disability?


    But then again.... maybe you're right.
    People probably shouldn't buy life insurance in their 20's or 30's or 40's either. After all, very few people die before age 50. That's way too young too buy life insurance.
     
    Mr_Ed, Nov 8, 2018 at 9:52 PM
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  7. JJ2713
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    LTC is not really for young people as a way to cover disability. That's what disability insurance is for.

    Your analogy about life insurance is incorrect for the same reason as I just mentioned.

    It's the second response to my post and each time you were rude and sarcastic. You could have said the same thing in a respectful manner. Just a shame. You're just like so many on this forum who lack basic decency and manners.

    Ignore my posts going forward.
     
    JJ2713, Nov 9, 2018 at 2:33 AM
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  8. JJ2713
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    Jack,

    For the younger people you write LTC for, the ones in their 30s and 40s...
    - Do they have significant assets to protect?
    - What kind of policies? Regular LTC or the hybrids?
    - Paying monthly or one-pay or multi-pay?
    - What was their reason for getting LTC now?

    - They want something beyond what their disability insurance would pay?
    - Or they just recognize the pricing is much lower now and the overall costs would be lower if they just started paying now compared to starting in their 50s or 60s?

    Just curious what a person in their 30s or 40s is thinking to get LTC at their age.
     
    JJ2713, Nov 9, 2018 at 2:42 AM
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  9. ltcadviser
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    Generally my younger clients in their 40’s have strong assets and income. Planner types. My 35 year old client’s sibling was diagnosed with Parkinson’s so he was highly motivated to protect his family.

    I write both traditional and hybrid policies. I do not think there is much of a preference for one policy or the other. Both are doable.
    The linked benefit policies are possibly preferable because the premiums are locked in. Might be more difficult for a 40-45 year old to accept 45 years of non-guaranteed premiums.

    Not sure I hear too much about insurance being less expensive the younger you are. People are contacting me though because they want the coverage. So, I never have to create the need or the want like some insurance agents might have to do.

    Does this help?
     
    ltcadviser, Nov 9, 2018 at 9:24 AM
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  10. JJ2713
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    Yes, thanks.

    Was just wondering what someone under 50 is thinking when they get LTC insurance.

    I would probably never bring it up with anyone under 50.

    The fact that the clients call you is great... really the only non-stressful way to do business. Inbound is 1000X better than outbound.
     
    JJ2713, Nov 9, 2018 at 10:39 AM
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