There are probably numerous reasons why you would wait to purchase various types of insurance. One insurance policy older Americans tend to neglect or put off happens to be long-term care insurance.
It’s easy to assume you will never need long-term care, but is that really a good reason to discount this valuable insurance policy? If you put it off, don’t take it seriously, or assume you are simply “too young” to be worried about this, you will likely be taking certain risks.
It’s not worth the risks and we highlight three key risk factors you could be overlooking if you have been considering waiting on long-term care insurance.
1. You could forget all about it.
Life gets busy. It gets hectic. There are numerous excuses people have when they forget to do certain things. Some of those “things” could be incredibly important, especially for their finances, retirement, their spouse, children, and so forth.
You might consider putting off long-term care insurance in your late 40’s or early 50’s because you assume the “sweet spot” to purchase this type of insurance is in your mid 50’s, but will you remember?
Many seniors are well into their 60’s, looking at retirement, and then suddenly realize they should have a long-term care insurance policy to protect their finances, but they forgot all about it. Now they will likely be paying a lot more on their monthly premiums, if they can even still acquire this type of insurance.
2. No one can predict accidents … which is why they’re called ‘accidents’.
Accidents happen every day. Even the safest drivers are involved in accidents, not because of something they did, but because of something another driver did wrong.
It’s not just automobile accidents you have to worry about, either. Taking a bad step and tumbling down the stairwell, tripping while carrying a heavy box, and other types of accidents can happen at any time. Some of them can lead to such serious injuries that it requires months and months of recovery before you can return to normalcy.
3. Depending on your health and family history, long-term care insurance may no longer be an option.
The older a person is and the more troubled their family history is with regard to health and diseases, the more difficult it might be to acquire a decent long-term care insurance policy.
When you look at these key risk factors, you may begin to realize why it’s important to consider long-term care insurance now, even if you think waiting makes a little sense. Ultimately, it doesn’t. If you’re in your mid to late 40’s or older, now is the time to consider long-term care insurance.
If you or a loved-one are considering Long-Term Care Insurance Premiums in Rancho Bernardo 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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