3 Things You Should Consider Before Purchasing a Long-Term Care Insurance Policy
If you’re in your 40’s or 50’s, possibly even older than that, and you’re considering a long-term care insurance policy, that’s a wonderful thing. Many people overlook this vital component to protecting their investments and retirement savings, and while this is certainly an asset, there are a few things to consider before purchasing just any long-term care insurance policy you fine.
Long-Term Care Insurance Companies Rancho Bernardo CA – 3 Things You Should Consider Before Purchasing a Long-Term Care Insurance Policy
First, can you afford this particular policy?
It may offer great benefits, including three years of coverage, for example, a low deductible, and so on, but if the monthly premiums may not be sustainable for you, considering all the other expenses you may have right now at this time in your life, this might not be one worth investing in, at least not right now.
Make sure you will be able to afford this policy. Also find out if your monthly premiums are going to be locked in for a set amount of time or if they may adjust, depending on inflation.
Also remember, you may want a Cadillac type of policy, but if that’s not economically feasible right now, at this time in your life, it could become a liability rather than a benefit.
Second, keep in mind that if you stop paying on the premiums, you will lose everything you put in.
This is the same as is the case for life insurance policies. You could pay for 10, 15, or even 20 years on this policy, but if you stop paying for a month or two, the policy could be canceled and everything you put in could be lost.
That’s why it is absolutely essential you make sure you can afford this policy, not just right now, but in the years ahead.
Third, consider your age at the time you start the policy.
The younger and healthier you are when you begin a long-term care insurance policy, the more affordable the monthly rates will likely be. If you keep this policy in place, without any lapse in coverage, that can save you quite a bit of money over time, especially compared to if you only begin this type of policy in your late 50’s or 60’s, for example.
If you’re seriously interested in a quality long-term care insurance policy, sit down with an experienced broker from a reputable company, somebody who has been dealing with long-term care insurance policies for many years. It can be a wonderful extra layer of protection for the money you’ve saved for retirement. It can also help you get the right level of care in the event you or somebody covered with this policy is disabled or requires long-term care of some kind.
If you or a loved-one are considering Long-Term Care Insurance Companies 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.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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