Shopping for insurance isn’t something that should be rushed. Buying an insurance policy isn’t like buying a new shirt; it’s a process that requires a lot of serious thought and consideration.
Take Your Time, But Don’t Procrastinate
Because buying insurance is a matter that shouldn’t be taken lightly, we understand the importance of taking your time to think through all of your options before you decide. On the other hand, though, we have also found that there is a big difference between thinking through your options and putting off the decision. Many people tend to do the latter rather than follow through and buy a policy, which often ends up hurting them in the end.
Long Term Care Insurance can help you pay for the cost of long term care so you don’t have to cover the costs with the savings you have worked so hard for throughout your entire life. It provides you with a separate pool of money from the cost of care is deducted, should you ever file a claim. Qualifying for a policy requires more than just an application, though; it also requires good health and oftentimes, a young age. That’s why putting off the decision to buy a policy can be so risky.
Shelving the Idea
We frequently speak with clients who are shopping around for policies. After speaking with them, we send them a binder with a personalized quote comparison for them to look over. The point of the binder is to provide clients with all the information they need and allow them to review the various choices to decide which is best for them. Following a thorough review of the various policies is often the best time to buy. The information is fresh in your mind. All too often, though, we hear the age-old addage, “I’ll think about it.” Sometimes, we never hear from those clients again. Sometimes, we do.
When we do hear back from those clients, it is often one of two things. Either they just had an experience with a friend or family member that made them reconsider buying a policy and they are now ready to purchase, or they themselves have experienced a serious health problem that requires long term care and they are desperate to know if it is still possible to buy a policy. The answer? Probably not.
If you wait until you have fallen, suffered a stroke or heart attack, become fragile, or been diagnosed with a disease, the chances of qualifying for a Long Term Care Insurance policy are slim. Unfortunately, some people shelve the idea of buying a policy until one of those things happens and by then, it is too late. We actually spoke with a client recently who this happened to. Sadly, she didn’t wait long at all – just one week went by between when we sent her the binder and when she broke her hip. By the time she fell, there was nothing she could do. Her chances of qualifying for a policy were out the window because she was in her late 70s.
Buy at the Right Time
It may seem like the sensible thing to do: wait a little while to make a decision, and it might be. It also might be a mistake, though. Understanding your personal risk is vital to understanding when you should buy a policy. For most people, buying in their 50s is the best time because they are still in relatively good health and their age helps them attain lower premiums.
Regardless of how old you are, though, once you have decided that a Long Term Care Insurance policy is something for you, don’t wait to make the purchase. The longer you wait, the greater your chances are of missing out on your window of opportunity. To request a free quote, fill out this form. Thanks so much for reading our post today.