We speak with consumers every day, most of them interested in buying a Long Term Care Insurance policy. What we find is that many of them are overwhelmed or confused by their various options and therefore less willing to make a decision. That’s why we put so much time and effort into helping educate consumers about the different options and why it’s so important to plan ahead.
Shopping for Long Term Care Insurance is one thing that seems to be intimidating to people. Not only do they have to think about themselves as old and fragile, but it also involves some financial decisions that require some consideration. This often ends up in people shying away from planning for long term care, often until it is too late.
Navigating the Buying Process
Shopping for Long Term Care Insurance doesn’t have to be hard; in fact, it shouldn’t be hard. After beginning the buying process, many people often end up kicking the can down the road. We want to provide information that helps consumers stop procrastinating and instead start taking action and preparing for their future. If you are looking into a Long Term Care Insurance policy, consider these ways to make shopping easier.
1) Work with an independent agent – The importance of this cannot be emphasized enough. Some agents are what are called “captive” agents, meaning they are paid by companies to promote specific products. Even if one company’s policy fit your needs better, that agent might push you to buy another one because that would mean commission for them. It’s vital to work with an independent agent who can provide you with information from multiple companies and isn’t biased towards one or another.
2) Compare multiple companies – This goes along with #1, but is so important it deserves another mention. Premium rates can vary as much as and sometimes more than 50% between carriers, so never go with the first policy option you see. Make sure you look at several different companies before you make a decision to buy, and make sure they are top rated blue chip companies.
3) Start early – Don’t wait until you are in your 60s to start looking at policies. By then, it may be too late to qualify. Even if you can qualify, your premium rates will be much higher than if you’d applied at a younger age, say 50 or 55. Age has a big impact on the cost of a policy, so don’t overlook the importance of applying when you are young. Buying younger can also help you achieve the preferred health discount. Qualification criteria varies from company to company for the health discount, so again, look at several companies to see if you qualify for any before choosing a product.
Plan for the Future
For some reason, Americans are planning for retirement but leaving out the huge issue of long term care in their plans. Doing so can put your nest egg in jeopardy and put you at risk of turning to a family or friend to provide care later down the road. Long Term Care Insurance can help protect your assets and provide you with peace of mind during retirement, so don’t let the process of looking into policies scare you away.
Shopping for Long Term Care Insurance, if done with the right people, can be simple and easy to understand. Work with an agent who has experience in the industry to ensure you are getting the most accurate information.
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