When is it Pointless to Buy Long Term Care Insurance?
It’s pointless to buy a long term care policy when you actually need long term care (LTC) already because you won’t get any insurance company’s approval anymore.
Buying a long term care insurance (LTCI) policy at the time when your health has changed for the worse is taking a shot in the dark. While there could be some insurance firms that will sell you a policy for a very high premium, most will decline your application.
Just like any type of insurance, the benefits that you will derive from a potential LTCI policy shall be based on the amount of premium that you’ve paid for your coverage. If you’re going to buy an LTCI policy today and hope to claim your benefits in five years time you should not expect so much from your policy unless you pay your policy’s coverage in a lump sum.
LTCI was created to help people pay for the cost of care which is very expensive. There are different types of LTCI policies; each designed for a specific individual’s set of health care needs. To be able to choose an LTCI policy that will be most suitable for your future health care needs, you have to study each carefully and this process requires time.
If you rush into buying a policy just for the sake of having one, without understanding your coverage, you could end up with regrets in the future.
How to Buy a Long Term Care Policy
You can actually buy your LTCI policy directly from an insurance company that is licensed to sell LTCI policies. It is more advantageous, however, to gather LTCI quotes first and compare the rates and benefits offered by each company to avoid buying a policy which you will never get to use in the future.
Requesting LTCI quotes from different insurance firms can be done by yourself or with assistance from a licensed LTCI agent. By choosing the second option you will be able to get your hands on numerous quotes because an LTCI broker who is affiliated with renowned LTCI companies can no doubt negotiate for a policy on your behalf.
Besides, if you’re a newbie in the LTCI industry and the only thing you know is that a five-year LTCI coverage is ideal to have, you would really need an LTCI representative who can explain to you other strategies which you can apply to save on your annual premium without compromising the quality of care that you are going to receive.
By getting in touch with an LTCI agent you will also be informed of the ideal age to secure a policy. Most people still think that an LTCI policy should be bought by an individual who has passed the age of retirement.
Unfortunately, that is a myth because majority of individuals who waited too long before buying a policy winded up with none.
If you seriously want to buy a long term care policy quit procrastinating because tomorrow, next month or next year could be too late.
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