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When To Buy Long-Term Care Insurance

Long-term care insurance policies are issued to applicants between the ages of 18 and 100 depending on the product and carrier. But the ideal age range is 45 to 65.

Think about people you know who have been in good health up until they had a major accident or the sudden onset of an illness that caused them to require substantial assistance from another person. These can include auto accidents, sports accidents, onset of Multiple Sclerosis, Parkinson’s, a disability like a stroke or other medical conditions.

All of these events could cause a person to need long-term care. With the medical advances today people are living longer lives but sometimes with chronic health problems. The sooner you buy insurance, the better, because once you need it, it’s too late!

Three Important Reasons Not To Wait

  1. The longer you wait, the greater the chance you have of becoming uninsurable due to an illness, accident or disability. Your eligibility is based on your physical health and mental acuity at the time of application. Generally, we are healthier at younger ages.
  2. Your long-term care insurance premiums are based on your age at the time of application. The earlier you apply, the easier it will be to get coverage and the less expensive it will be.
  3. Once you’re approved, your rate does not increase as you age or if your health deteriorates. However, an insurance company may increase premiums on some products if approved by your state’s insurance commissioner.

Six facts you must know before buying long-term care insurance.

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