What Happens If You Never Need to Rely on Long-Term Care Insurance?

By Steve Elliott | October 10, 2016 | Comments Off on What Happens If You Never Need to Rely on Long-Term Care Insurance?

Long-Term Care Insurance Companies Rancho Bernando CA

Long-Term Care Insurance Companies Rancho Bernando CAOne of the most common arguments people make when it comes to certain types of insurance is, “What happens if I never need it?”

Well, if you purchase automobile insurance and never get involved in an accident, what happens? The basic answer is nothing. The more important question, though, is what would happen if you were driving around, were involved in an accident, and didn’t have insurance?

Not only would you likely be fined by the authorities, you could also have trouble renewing your registration, purchasing a new vehicle, and the cost of insurance could increase dramatically. In fact, it could skyrocket.

‘But you’re not comparing apples to apples,’ you might be thinking. True. Automobile insurance is an absolute necessity, required by law if you have a vehicle and its registered to be driven on the roads throughout the United States. You’re not required by law to carry life insurance, renter’s insurance, or long-term care insurance.

So let’s talk about renter’s insurance.

It’s not a requirement by law. It may be a provision in your lease to have it, but who checks? It’s no big deal if you skip it, right?

After all, the odds that you ever have to rely on it to replace your possessions is almost slim to none. So why bother having renter’s insurance? What happens if you never have to file a claim on the policy?

You don’t get the money you paid on the policy back. You can ultimately cancel the policy if you purchase a home and end up with homeowner’s insurance, right? So what’s the benefit?

It’s helping to protect yourself in the event some bad situation arises. It could be a fire that started in a neighboring apartment complex, a break-in or robbery, flood damage caused by the pipes in the walls bursting, and the list can go on and on. Unless you have enough money in savings that could replace everything you lose, renter’s insurance becomes an essential component of your everyday life and expenses.

The same holds true for long-term care insurance, with one caveat. The caveat is that when somebody, whether it’s you or somebody else in your family, requires long-term care, the cost can be staggering. It can be upwards of $70,000 or $80,000 or more every year, depending on the type of care they require.

Don’t think about what happens if you never need to file a claim for long-term care. Be grateful. In the meantime, protect yourself, your family, and your assets by seriously considering long-term care insurance.

If you or a loved-one are considering a Long-Term Care Insurance Companies in Rancho Bernando CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

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