What Happens If I Never Have to Use Long-Term Care?

By Steve Elliott | June 4, 2018 | Comments Off on What Happens If I Never Have to Use Long-Term Care?

There are plenty of excuses people have for not purchasing various types of insurance. While automobile insurance is a requirement by law for anyone who has a vehicle on the roads, that doesn’t mean everybody is carrying it. Sure, the DMV may be penalizing those who allow their automobile insurance to lapse, but that still doesn’t stop millions of people across the country from not paying their premiums.

Long-Term Care Insurance Premiums Carmel Valley CA - What Happens If I Never Have to Use Long-Term Care?

Long-Term Care Insurance Premiums Carmel Valley CA – What Happens If I Never Have to Use Long-Term Care?

There are those who simply can’t justify the expense of certain types of insurance.

How many people who are renting an apartment or house are actually carrying renter’s insurance? Certainly not the majority. That’s because it’s viewed as an expense rather than protection or an investment in protecting their assets. For somebody who does not have adequate insurance for their property and something happens, either a fire, burglary, or some other situation, they will have nothing to lean on in the event of those difficult moments in life.

Some people, when looking into long-term care insurance, also have difficulty justifying the monthly premiums.

They might be incredibly healthy, strong, and consider themselves still ‘young.’ They might be in their late 40’s, 50’s, or early 60’s. They understand the expense of long-term care, but don’t honestly believe a medical emergency, injuries, or other circumstances are going to happen to them where they need home care, a nursing home, or assisted living for any length of time.

So, they don’t take long-term care insurance as seriously as they should.

Others wonder what will happen if they never actually need any type of long-term care. This is not like life insurance where, no matter how old a person is, eventually the policy will pay out because everyone is mortal. What happens if a person pays into a long-term care insurance policy for 30 years and never requires any type of long-term care?

In that type of situation the policy will simply expire. It won’t pay out, there will be no lump sum payment being offered to family or beneficiaries, and that will be the end of it. The argument as a result of this, then, is why even bother carrying an insurance policy that may never pay out?

Why would a person choose renter’s insurance? Why would a person choose homeowner’s insurance even after they have paid their mortgage off completely? If a person carries these types of insurance and never have a burglary, flood, fire, or some other situation that would require the policy to pay, it’s basically the same thing.

The question should be, “What would happen to a person’s retirement savings, everything they worked so hard for, if they suddenly needed long-term care?” If that happens, it could completely wipe a person out financially within a matter of a year or two in many cases.

That’s why long-term care insurance is so valuable.

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

Steve Elliott
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