The best age to purchase long term care insurance depends on a variety of factors. Most people in the long term care industry will recommend that you buy it as soon as you can because the need for long term care insurance can occur at any point.
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However, realistically, most financial planners tell you that between the ages of 45 and 55 is a good time to purchase long term care insurance. Others say that as soon as you can afford the premiums and actually have assets to protect, you should invest in long term care insurance.
Purchasing Long Term Care Insurance Early
Opting to buy long term care insurance early rather than later will help you to keep the monthly premiums low. The younger you are when you buy your long term care insurance, the lower the rates are because, typically, your health is better when you are younger and, statistically, you are less likely to need imminent long term care.
You can lock those more reasonable rates in so that they never rise. This makes it easy to budget for long term care insurance coverage.
It is the recommendation of those who work in the industry to buy long term care insurance as early as possible to give yourself the maximum amount of protection. Realistically 40% of people under the age of 65 will need long term care. Therefore, by purchasing coverage early you are protecting yourself and your family from a financially draining situation that could actually happen.
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Purchasing Long Term Care Insurance Later
By opting to purchase long term care insurance later you are taking on the risk personally of needing such coverage. As we age, our risk of needing long term care steadily increases. You take the risk of being one of the many who need the coverage before they have actually taken it out. Accident or injury that requires such care can happen at any time, regardless of your age or health status.
One of the advantages of waiting is that you may save money by waiting to buy long term care insurance. Even though the rates are higher you save more because you pay them for a shorter period of time and you don’t have the opportunity loss of what you could have done with the money spent in earlier years on long term care insurance.
When you wait too long to purchase long term care insurance, you may even end up paying more than if you started younger. Especially after the age of 55, the cost of long term care insurance greatly increases.
Get Long Term Care Insurance Now
Now is the time to look into getting long term care insurance. You can get a personalized quote to help you do just that by simply using the independent online insurance quote tool provided on this page.
Just put in your zip code and you will be asked a series of questions about your health, demographics and other information. In no time you will get multiple quotes from different long term care insurance providers in your area. Take the time to carefully compare and contrast the different quotes before you make a decision for your long term care insurance needs.
When you are shopping around, take time to check out the financial stability of any insurer you are planning to do business with. Typically long term care insurance is carried for a long time before it is needed. Therefore you need to make sure that the company is very strong and will be around and able to pay out in the future if you should need it. You can find such information by checking with A.M. Best, Standard & Poor’s and Moody’s.
In addition, you want to make sure that you understand the type of coverage you are getting. There are different forms of long term insurance on the market. You want to be sure yours covers the type of care you would most likely opt for. Read the exclusions and limitations carefully on the policy before purchasing it.
Check into the customer service record of the insurer you are about to get coverage with. You will want to know about the types of complaints made against them. This will help you determine whether or not the company is a good fit for you. You can find this information through a simple online search or by contacting the state department of insurance.
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