What’s the ‘Prime Age’ to Buy Long-Term Care Insurance?
Many people try to figure out how old they should be before they begin looking into long-term care insurance. There are certainly compelling arguments that somebody in their 40’s or 50’s should seriously start considering this, but when consulting financial advisors, the answer could be quite different.
Long-Term Care Insurance Cost Carlsbad CA – What’s the ‘Prime Age’ to Buy Long-Term Care Insurance?
Why people might want to consider long-term care insurance in their 40’s.
When a person is in their 40’s, even if they are completely healthy and were given a clean bill of health by his or her doctor, that doesn’t account for unexpected emergencies. A heart attack, stroke, early-onset Alzheimer’s, or even an automobile accident that leaves them completely debilitated could all be reasons why long-term care is necessary. The odds of these things happening for the average individual are significantly lower than for somebody in their 60’s or 70’s, but they still can happen.
If somebody doesn’t have a lot of savings, but has been working tirelessly to build their retirement portfolio, they might want to supplement protective measures like life insurance to protect her family by including long-term care insurance.
So why do financial advisors recommend late 50’s or early 60’s?
These financial advisors are looking at the numbers, not the potential risk that somebody might need long-term care in their 40’s or 50’s. They make their calculations based on assumptions this individual is not going to be involved in the car accident, will not be injured in some other mishap, and won’t have a medical emergency before they reach retirement age.
If somebody wants to follow the advice of financial advisors, they would be recommended to consider long-term care insurance when they reach their late 50’s or early 60’s. At this point in their life, the cost of a policy combined with the long-term expenses of a policy that may not pay out for 20 years because it’s not needed yet may be optimal.
For those who are interested in protecting their retirement portfolio, savings, family, and more, they might want to look into these policies and ask to compare numbers. Find out what the policy would cost if they started it now, in their 40’s or early 50’s and if somebody in their situation, with their same health factors and more in place, were to wait until they were 60 years of age.
Compare the numbers. See what the cost benefit is and then make that decision. Keep in mind, though, that if somebody waits and suddenly faces an emergency that requires long-term care, they will have to cover it out-of-pocket.
If you or a loved-one are considering Long-Term Care Insurance Cost Carlsbad 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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