What is the Best Age to Buy Long Term Care Insurance?
- Thread starter bingo296
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Buy it before you need it. Or, buy it before your health takes a turn for the worst.
- 657
You need to consider buying long term care insurance
When these three things converge in your life.
1. When you recognize the need for it.
2. When you are still healthy enough to get it approved, underwriting wise.
3. When you have the finances to comfortably afford to pay the premium.
Oh, and one other question you didn't ask.
Question: What is the best long term care policy to have?
Answer: The one that is in force at claim time.
And remember, this advice may be worth exactly what you are paying for it.
When these three things converge in your life.
1. When you recognize the need for it.
2. When you are still healthy enough to get it approved, underwriting wise.
3. When you have the finances to comfortably afford to pay the premium.
Oh, and one other question you didn't ask.
Question: What is the best long term care policy to have?
Answer: The one that is in force at claim time.
And remember, this advice may be worth exactly what you are paying for it.
for many agents, the exact or best age in buying Long term care insurance is a million-dollar question.
but for experts, a preferable age is 40s-50s
Arthur Rudnick
Guru
- 1,652
originally posted by froevell
Good question and I'm sure you'll get a number of different answers.
Ideally, those in their 40s & 50s are prime targets. Premiums are affordable and usually at those ages, people are in generally good health.
However, the problem is priorities. Many in that age bracket have a couple of kids, (maybe 1 or 2 in college), a mortgage on a house and 2 cars in their garage. LTC insurance is usually not at the top of their list,
UNLESS............
They have been dealing with a parent or family member who needed LTC services. Today's baby boomers (55-65) are seeing their parents blowing through their life's savings paying for care and want to protect their own family.
Personally, my target audience is 50-60, but I am selling more & more policies to those in the 45-50 age group. But, there's nothing wrong with planting the seed at 40+.
Good question and I'm sure you'll get a number of different answers.
Ideally, those in their 40s & 50s are prime targets. Premiums are affordable and usually at those ages, people are in generally good health.
However, the problem is priorities. Many in that age bracket have a couple of kids, (maybe 1 or 2 in college), a mortgage on a house and 2 cars in their garage. LTC insurance is usually not at the top of their list,
UNLESS............
They have been dealing with a parent or family member who needed LTC services. Today's baby boomers (55-65) are seeing their parents blowing through their life's savings paying for care and want to protect their own family.
Personally, my target audience is 50-60, but I am selling more & more policies to those in the 45-50 age group. But, there's nothing wrong with planting the seed at 40+.
Everyone has different needs and concerns;
I wrote 8 policies today; ages 71, 62, 56, 55, 54, 53, 40, 40.
Dave Ramsey says not to buy until you are 60.
Guess 6 of my clients do not listen to Dave Ramsey.
There is no right age. Never has been. Never will be.
I wrote 8 policies today; ages 71, 62, 56, 55, 54, 53, 40, 40.
Dave Ramsey says not to buy until you are 60.
Guess 6 of my clients do not listen to Dave Ramsey.
There is no right age. Never has been. Never will be.
- 657
Dave Ramsey in not right. If I had waited until 60, LTCI would not have been a choice. I bought at 54, and became uninsurable at 57.
Consumers forget that you can't by this stuff whenever you want to. You have to be healthy enough to get it.
Consumers forget that you can't by this stuff whenever you want to. You have to be healthy enough to get it.
I have a friend who had a stroke at age 45. She unexpectedly had a stroke and has not had full use of her legs and speech and hands. She had unlimited lifetime benefits. Someone is home with her everyday helping her out. If she had waited to 50 or 60, should would have been stone out of lumk.
Arthur Rudnick
Guru
- 1,652
posted by csalter
You hear these stories all the time. I know someone who at age 45 was diagnosed with early-age Parkinson's. He was in the business and purchased a LTC policy with lifetime benefits at 44.
He's been receiving care for almost 16 years, first at home and then in an ALF, where he's been for the past 10 years.
To date, his policy has paid out almost $1.5 million.
You hear these stories all the time. I know someone who at age 45 was diagnosed with early-age Parkinson's. He was in the business and purchased a LTC policy with lifetime benefits at 44.
He's been receiving care for almost 16 years, first at home and then in an ALF, where he's been for the past 10 years.
To date, his policy has paid out almost $1.5 million.
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